Bank Nifty spot opened at 25181.75 ,made a low of 24617.15 , it made a high of 25759.90 , before closing at 25594.55 .
Had mentioned that long positions can be taken above 25520 for the day and short positions can be taken below 25360 . Bank Nifty opened gap down below our last short target for the day . It confirmed our weekly short trade with the gap down opening and completed 5 weekly short targets giving around 500 points in the panic correction . Bank Nifty then took our weekly TSL and went on to trigger our daily long trade and nearly completed all 3 long targets giving around 200+ points . 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 . " , and Bank Nifty today made a high of 25759.90 but could not sustain above 25755 and corrected to close below 25655 . 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 . Bank Nifty if unable to sustain above 25755 in the coming session then those looking to short can keep a strict cbsl of 25930 .
Had mentioned in the previous post " 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 . " , and Bank Nifty made a low of 24617.15 in the panic correction in the morning and recovered to make a high of 25759.90 within our next resistance but closed just below our initial resistance zone .
Now in the coming session Bank Nifty breaking and sustaining below 25510 can test 25430 - 25410 and on sustaining below it we can see a further correction till 25335 - 25255 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25675 we can see a test of 25760 - 25780 initially and breaking and sustaining above it we can see a further move till 25855 - 25935 next .
Bank Nifty Spot Levels for the day are
Long above 25675 for 25725 – 25780 – 25935 , SL 25570
Short below 25510 for 25465 – 25410 – 25255 , SL 25620
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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.