Bank Nifty spot opened at 25810.25 , it made a high of 25810.25 , it made a low of 25212.35 before closing at 25341.25
Had mentioned that long positions can be taken above 25825 for the day and short positions can be taken below 25580 . Bank Nifty triggered our short trade for the day and nearly completed all 3 targets giving 200+ points from the trade . As mentioned in the previous post " Now for this week Bank Nifty has to sustain / close above 25750 to test 26050 - 26125 initially and above it we can see 26385 - 26670 next . Similarly this week if Bank Nifty sustains / closes below 25180 we can see a test of 24880 - 24800 initially and below it we can see a test of 24545 - 24260 next .", today Bank Nifty opened above 25750 but could not sustain above it and we saw a good correction .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 25825 can test 25950 - 25985 and on sustaining above it we can see a further upmove till 26095 - 26215 next. Similarly in the coming session Bank Nifty breaking and sustaining below 25580 we can see a test of 25450 - 25420 initially and breaking and sustaining below it we can see a further correction till 25310 - 25185 next . " , and Bank Nifty made a low of 25212.35 within our next 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 25460 can test 25580 - 25610 and on sustaining above it we can see a further upmove till 25715 - 25835 next. Similarly in the coming session Bank Nifty breaking and sustaining below 25225 we can see a test of 25105 - 25070 initially and breaking and sustaining below it we can see a further correction till 24965 - 24850 next .
Bank Nifty Spot Levels for the day are
Long above 25460 for 25530 – 25610 – 25835 , SL 25305
Short below 25225 for 25155 – 25070 – 24850 , SL 25380
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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.