Bank Nifty spot opened at 25652.85 ,made a high of 25733.20 , it made a low of 25429.55 , before closing at 25496.05 .
Had mentioned that long positions can be taken above 25725 for the day and short positions can be taken below 25625 . Bank Nifty initially triggered our long trade but could not sustain and took our stoploss for the day . Bank Nifty then triggered our short trade and completed all our short targets for the day giving around 175+ points correction . Bank Nifty had given a close above 25655 in the previous session and had mentioned that we need to see if we can get a consecutive close above it today for a upmove to begin or need it to sustain above 25755 for shorts to exit and we saw Bank Nifty give a intraday correction of 300 points from the high point of the day after being unable to break and sustain above 25755. Nifty made another new lifetime high today whereas Bank Nifty is still lagging behind . Now in this week Bank Nifty needs to break and sustain above its immediate resistance levels of 25820 for a test of 25930 - 26085 initially . Had also mentioned in the previous session " Those who are intending to go short in the coming sessions should keep a strict cbsl of 25825 " , and those who entered shorts today should now move their trailing cbsl to 25595 and follow weekly levels once it sustains / closes below 25475 .
Had mentioned in the previous post " 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 . " , and Bank Nifty today made a low of 25429.55 below our next support zone after being unable to sustain above 25725 initially .
Now in the coming session Bank Nifty breaking and sustaining below 25445 can test 25390 - 25375 and on sustaining below it we can see a further correction till 25325 - 25275 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25550 we can see a test of 25605 - 25620 initially and breaking and sustaining above it we can see a further move till 25665 - 25720 next . Today Bank Nifty has taken our trailing cbsl of longs .
Bank Nifty Spot Levels for the day are
Long above 25550 for 25580 – 25620 – 25720 , SL 25480
Short below 25445 for 25410 – 25375 – 25275 , SL 25515
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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.