Wishing everyone a very Happy and Prosperous New Year 2018 !!!
Bank Nifty spot opened at 25484.85 ,made a low of 25450.25 , it made a high of 25566.40, before closing at 25539.45 .
Had mentioned that long positions can be taken above 25545 for the day and short positions can be taken below 25435 . Bank Nifty triggered our long trade but could not complete any target . Bank Nifty again traded in a very narrow range and we should see a bigger move in the coming week . Bank Nifty was unable to give a consecutive close above 25655 last month or sustain above 25755 for a stronger upmove . This week Bank Nifty needs to break and sustain above 25645 for a test of its immediate resistance levels of 25760 - 25785 initially . Had also mentioned in the previous session " Those who have entered shorts should now move their trailing cbsl for 25595 and follow weekly levels once it sustains / closes below 25475 . " , but Bank Nifty did not sustain / close below 25475 inspite of breaking below on last 3 consecutive days so we may see an attempt to retest 25655 - 25755 levels .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25440 can test 25385 - 25370 and on sustaining below it we can see a further correction till 25325 - 25275 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25545 we can see a test of 25595 - 25610 initially and breaking and sustaining above it we can see a further move till 25665 - 25720 next . " , and Bank Nifty traded between 25440 - 25545 for the most part of the day and did not take a clear direction and stayed in the narrow range .
Now in the coming session Bank Nifty breaking and sustaining below 25500 can test 25455 - 25445 and on sustaining below it we can see a further correction till 25410 - 25370 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25580 we can see a test of 25625 - 25635 initially and breaking and sustaining above it we can see a further move till 25670 - 25710 next .
Bank Nifty Spot Levels for the day are
Long above 25580 for 25605 – 25635 – 25710 , SL 25525
Short below 25500 for 25475 – 25445 – 25370 , SL 25555
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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.