Bank Nifty spot opened at 24141.95 ,made a low of 24032.65 , it made a high of 24293.25, before closing at 24222.15 . As mentioned previously too , though Nifty has been holding its ground we have not seen Bank Nifty do the same and unless Bank Nifty participates this upmove will lose its strength .
Had mentioned that long positions can be taken above 24175 for the day and short positions can be taken below 24005 . Bank Nifty triggered our long trade for the day and completed 2 targets .Today Bank Nifty has triggered our weekly longs but it would need to give a close above 24230 in the coming session to confirm the same .Bank Nifty has good resistance in the range of 24465 - 24525 and only on sustaining / closing above it can we see a bigger move .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 24005 can test 23915 - 23895 and on sustaining below it we can see a further test of 23815 - 23735 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24175 we can see a test of 24265 - 24285 initially and breaking and sustaining above it we can see a further move till 24360 - 24445 next . " , and today Bank made a high of 24293.25 just above our initial resistance range of 24265 - 24285 .
Now in the coming session Bank Nifty breaking and sustaining below 24135 can test 24045 - 24025 and on sustaining below it we can see a further correction till 23945 - 23860 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24310 we can see a test of 24400 - 24420 initially and breaking and sustaining above it we can see a further move till 24500 - 24585 next .
Bank Nifty Spot Levels for the day are
Long above 24310 for 24360 – 24420 – 24585 , SL 24195
Short below 24135 for 24085 – 24025 – 23860 , SL 24250
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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.