Bank Nifty spot opened at 25693.95 ,made a low of 25673.50, it made a high of 25931.85 , before closing at 25891.95 .
Had mentioned that long positions can be taken above 25825 for the day and short positions can be taken below 25735. Bank Nifty initially triggered our short trade and 2 targets . It took support just above our weekly short confirmation level of 25655 and reversed to trigger our long trade for the day and completed 2 targets on the long side . Had mentioned in the weekly post for Bank Nifty that those who are holding longs should move up their trailing cbsl to 25655 which has held today and given a good move of nearly 275 points .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25735 can test 25685 - 25675 and on sustaining below it we can see a further test of 25630 - 25585 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25825 we can see a test of 25875 - 25885 initially and breaking and sustaining above it we can see a further move till 25930 - 25975 next . " , and today Bank Nifty made a low of 25673.50 just below our initial support zone for the day and reversed to make a high of 25931.85 just within our next resistance zone for the day .
Now in the coming session Bank Nifty breaking and sustaining below 25850 can test 25805 - 25790 and on sustaining below it we can see a further correction till 25755 - 25710 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25935 we can see a test of 25980 - 25990 initially and breaking and sustaining above it we can see a further move till 26030 - 26075 next .
Bank Nifty Spot Levels for the day are
Long above 25935 for 25960 – 25990 – 26075 , SL 25880
Short below 25850 for 25825 – 25790 – 25710 , SL 25905
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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.