Bank Nifty spot opened at 25779.05 ,made a high of 25780.05 , it made a low of 25566.05 , before closing at 25591.70 .
Had mentioned that long positions can be taken above 25785 for the day and short positions can be taken below 25650 . Bank Nifty triggered our short trade and nearly completed 2 short targets for the day . Bank Nifty has today given a close above 25655 and also confirmed our weekly long trade and sustaining above 25760 we can see the resistance at 25930 - 26085 being tested . 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 had given a close above 25655 in the previous session and we need a consecutive close above it today or we needed to see it sustain above 25760 for a test of its next resistance near 25930 - 26085 which did not happen .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25650 can test 25580 - 25560 and on sustaining below it we can see a further correction till 25000 - 25430 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25785 we can see a test of 25855 - 25875 initially and breaking and sustaining above it we can see a further move till 25935 - 26000 next . " , and Bank Nifty made a low of 25566.05 within our initial support zone and also closed within it.
Now in the coming session Bank Nifty breaking and sustaining below 25520 can test 25450 - 25430 and on sustaining below it we can see a further correction till 25365 - 25295 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25665 we can see a test of 25735 - 25755 initially and breaking and sustaining above it we can see a further move till 25820 - 25890 next . Those who are holding longs should now keep a trailing stoploss of 25505 for their positions.
Bank Nifty Spot Levels for the day are
Long above 25665 for 25705 – 25755 – 25890 , SL 25570
Short below 25520 for 25480 – 25430 – 25295 , SL 25615
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.
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.