Had mentioned that long positions can be taken above 23735 and short positions can be taken below 23655 . Bank Nifty triggered our long trade and completed all our daily targets . Bank Nifty has so far missed completing our last target after triggering our weekly long trade.
As mentioned previously " Now in the coming sessions Bank Nifty needs to break and sustain / close above 23530 - 23580 to test 23750 - 23775 levels initially and above it we can see a test of 23870 - 23940 levels next . Similarly Bank Nifty on breaking and sustaining / closing below 23350 - 23320 levels can see a test of 23150 levels initially and below it we can see a test of 23025 - 22905 levels next " , and today we saw Bank Nifty again make a high at 23938 on sustaining above 23775 levels again . Now as we have closed above this range we can expect a retest of the life time high made this week and beyond it till 24195 - 24295 . Those who are holding longs now should move up their trailing cbsl to 23750 .
For today if Bank Nifty spot sustains above 23930 we can see a initial move till 23972 & on sustaining above 23985 we may see further move till 24060. Similarly if Bank Nifty spot sustains below 23848 we may see a initial move on the downside till 23805 & on sustaining below 23795 we may see further move till 23720
Bank Nifty Spot Levels for the day are
Long above 23930 for 23955 – 23982 – 24060 , SL 23876
Short below 23848 for 23825 – 23795 – 23720 , SL 23901
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.