Bank Nifty spot opened at 25487.15 ,made a high of 25559.05 , it made a low of 25411.25, before closing at 25440.30.
Had mentioned that long positions can be taken above 25245 for the day and short positions can be taken below 25095. Bank Nifty opened gap up above our last long target and not give a chance to enter . As mentioned earlier " Bank Nifty now has resistance in the coming sessions near 25455 - 25535 zone and for a stronger upmove we need a consecutive close above 25655 as mentioned in the weekly post too. Those who are holding longs should book once near this zone or look to hold and enter fresh longs only on a consecutive close above it . Those who are intending to go short in the coming sessions near the zone of 25535 - 25655 should keep a cbsl of 25655 or look to exit on sustaining above 25755 . " , bank nifty took resistance near our expected range and has closed slightly below it . Once Bank Nifty sustains above 25755 it has its next resistance near 25930 - 26085 and once we get a close above it we can see 26325 - 26525 too . Those who are looking to go short on the upmove above 25755 should keep a strict cbsl of 25930 .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25095 can test 25020 - 25000 and on sustaining below it we can see a further correction till 24930 - 24860 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25245 we can see a test of 25320 - 25340 initially and breaking and sustaining above it we can see a further move till 25405 - 25480 next . " , and Bank Nifty made a high of 25559.05 well above our next resistance and also closed within it.
Now in the coming session Bank Nifty breaking and sustaining below 25360 can test 25315 - 25260 and on sustaining below it we can see a further correction till 25185 - 25105 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25520 we can see a test of 25600 - 25625 initially and breaking and sustaining above it we can see a further move till 25695 - 25775 next .
Bank Nifty Spot Levels for the day are
Long above 25520 for 25570 – 25625 – 25775 , SL 25415
Short below 25360 for 25315 – 25260 – 25105 , SL 25465
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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.