Bank Nifty spot opened at 25615.60 ,made a low of 25560.50 , it made a high of 25694.50 , before closing at 25648.55 .
Had mentioned that long positions can be taken above 25620 for the day and short positions can be taken below 25490 . Bank Nifty triggered our long trade and nearly completed 2 targets for the day . Have been mentioning that Bank Nifty has to give a consecutive close above 25655 for a stronger upmove or needs to sustain above 25755 for shorts to exit and Bank Nifty did not sustain above 25755 after breaking above it thrice last week and also did not give a consecutive close above 25655 this month yet . We saw Nifty break just above 10500 in the previous session and register a new life time high whereas Bank Nifty has been lagging behind . In the coming week Bank Nifty needs to break and sustain above its immediate resistance levels of 25820 for a test of 25930 - 26085 initially . Those who are intending to go short in the coming sessions should keep a strict cbsl of 25825 .
Had mentioned in the previous post " 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 . " , and Bank Nifty made a high of 25694.50 within our initial resistance zone .
Now in the coming session Bank Nifty breaking and sustaining below 25585 can test 25515 - 25500 and on sustaining below it we can see a further correction till 25440 - 25375 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25715 we can see a test of 25785 - 25800 initially and breaking and sustaining above it we can see a further move till 25860 - 25925 next . Those who are holding longs should now trail their stoploss to 25595 from 25505 mentioned earlier .
Bank Nifty Spot Levels for the day are
Long above 25715 for 25755 – 25800 – 25925 , SL 25625
Short below 25585 for 25545 – 25500 – 25375 , SL 25670
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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.