Bank Nifty spot opened at 25659.75 ,made a low of 25545.60 , it made a high of 25712.95 , before closing at 25675.25 .
Had mentioned that long positions can be taken above 25715 for the day and short positions can be taken below 25585 . Bank Nifty triggered our short trade and completed just 1 target . 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 today again Bank Nifty has given a close above 25655 and lets see if we get a consecutive one tomorrow for a upmove to begin . Nifty made another new lifetime high today whereas Bank Nifty is lagging behind . In this 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 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 . " , and Bank Nifty today did not test our initial support zone on sustaining below 25585 and also failed to break and sustain above 25715 on the upside .
Now in the coming session Bank Nifty breaking and sustaining below 25625 can test 25575 - 25560 and on sustaining below it we can see a further correction till 25515 - 25465 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25725 we can see a test of 25780 - 25790 initially and breaking and sustaining above it we can see a further move till 25835 - 25885 next . Those who are holding longs should now trail their cbsl to 25595 from 25505 mentioned earlier .
Bank Nifty Spot Levels for the day are
Long above 25725 for 25755 – 25790 – 25885 , SL 25660
Short below 25625 for 25595 – 25560 – 25465 , SL 25690
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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.