Bank Nifty spot opened at 26065.40 , it made a high of 26078.40 , it made a low of 25558.05 before closing at 25618.45.
Had mentioned that long positions can be taken above 25910 for the day and short positions can be taken below 25715 . Bank Nifty opened with a gap up above our 2nd target for the day and did not give a chance to enter . Bank Nifty had triggered our weekly short trade in the previous session and had completed all our weekly short targets . Had mentioned in the previous post "Now for a further correction this week Bank Nifty has to break and sustain below 25840 - 25760 zone , else this zone can provide support from where we can see a small bounce ", and today Bank Nifty opened well above this zone but could not sustain and has closed below it. In the coming session Bank Nifty has to sustain above this zone for a small pullback to happen and if it sustains below it then we can expect a retest of 25490 - 25200 .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 25910 can test 26010 - 26035 and on sustaining above it we can see a further upmove till 26125 - 26220 next. Similarly in the coming session Bank Nifty breaking and sustaining below 25715 we can see a test of 25615 - 25585 initially and breaking and sustaining below it we can see a further correction till 25500 - 25400 next . " , and Bank Nifty made a high of 26078.40 just above our initial resistance zone and reversed to make a low of 25558.05 just below our initial support zone .
For the month of February Bank Nifty has triggered our monthly shorts below 26975 for a initial target of 26405 - 26295 and breaking and sustaining below it we can see a test of 25940 - 25540 . Monthly longs will get confirmed with a consecutive close above 27620 for a initial target of 28040 - 28150 and breaking and sustaining above it we can see a test of 28505 - 28905 .Sustaining below 25540 Bank Nifty can see a retest of 25200 - 25050 zone . For a slightly bigger correction Bank Nifty needs to give a close below 25160 for a test of 24760 - 24660 initially .
Now in the coming session Bank Nifty breaking and sustaining above 25710 can test 25810 - 25835 and on sustaining above it we can see a further upmove till 25920 - 26010 next. Similarly in the coming session Bank Nifty breaking and sustaining below 25525 we can see a test of 25430 - 25405 initially and breaking and sustaining below it we can see a further correction till 25320 - 25225 next .
Bank Nifty Spot Levels for the day are
Long above 25710 for 25770 – 25835 – 26010 , SL 25590
Short below 25525 for 25470 – 25405 – 25225 , SL 25650
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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.