Bank Nifty spot opened at 25608.25 ,made a high of 25629.95 , it made a low of 25508.90 , before closing at 25554.30 .
Had mentioned that long positions can be taken above 25665 for the day and short positions can be taken below 25520 . Bank Nifty triggered our short trade towards the end of the day but did not complete any target . 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 has broken above 25755 on 3 days this week but could not not sustain and also could not give a consecutive close above 25655 . Bank Nifty needs to sustain above 25760 for a test of its next resistance near 25930 - 26085 .
Had mentioned in the previous post " 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 . " , and Bank Nifty made a low of 25508.90 but mostly traded within our long and short trigger range of 25520 - 25665 range .
Now in the coming session Bank Nifty breaking and sustaining below 25490 can test 25420 - 25405 and on sustaining below it we can see a further correction till 25345 - 25280 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25620 we can see a test of 25690 - 25705 initially and breaking and sustaining above it we can see a further move till 25765 - 25830 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 25620 for 25660 – 25705 – 25830 , SL 25535
Short below 25490 for 25450 – 25405 – 25280 , SL 25575
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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.