Had mentioned that long positions can be taken above 24050 and short positions can be taken below 23980 . Bank Nifty triggered our short trade and opened near our 2nd short target for the day and did not give a good entry . Bank Nifty then triggered our long trade and completed 2 long targets for the day . It missed our last long target by 23 points.
Had mentioned since the beginning of this week " Now in the coming sessions Bank Nifty needs to break and sustain / close above 24025 to test 24160 - 24190 levels initially and above it we can see a test of 24285 - 24390 levels next . Similarly Bank Nifty on breaking and sustaining / closing below 23830 levels can see a test of 23715 - 23690 levels initially and below it we can see a test of 23590 - 23485 levels next . Those who are holding longs now should move up their trailing cbsl to 23830 ." , and today we saw Bank Nifty nearly test 24160 - 24190 on sustaining above 24025 by making a high of 24147.45 . Now in the coming session Bank Nifty needs to hold above 24025 to make another attempt to test the initial resistance . Today Bank Nifty outperformed the Nifty and we need to see if it can continue to do so in the coming sessions.
Bank Nifty Spot Levels for the day are
Long above 24060 for 24085 – 24110 – 24180 , SL 24010
Short below 23985 for 23960 – 23935 – 23865 , SL 24035
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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.