Bank Nifty spot opened at 25105.55 , it made a high of 25158.10 , it made a low of 24829 before closing at 24874.40
Had mentioned that long positions can be taken above 25155 for the day and short positions can be taken below 24965 . Bank Nifty triggered our long trade marginally but did not sustain for a long trade to be taken . Bank Nifty then reversed and triggered our short trade and completed just 1 target . As mentioned in the post earlier this week " Now in the coming expiry week Bank Nifty on sustaining / closing above 25425 can test 25700 - 25770 initially and sustaining / closing above it we can see a further move till 26005 - 26265 . Similarly Bank Nifty on sustaining / closing below 24905 can test 24630 - 24560 initially and sustaining / closing below it we ca see a further move till 24325 - 24065 ." , and today Bank Nifty has closed below 24905 and if it sustains below it then we can see a test of the initial targets on the downside. For any pullback it needs to sustain above 24905 in the coming sessions.
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 25155 can test 25255 - 25275 and on sustaining above it we can see a further upmove till 25365 - 25455 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24965 we can see a test of 24865 - 24840 initially and breaking and sustaining below it we can see a further correction till 24755 - 24660 next . " , and Bank Nifty was unable to sustain above 25155 and reversed and made a low of 24874.40 just above 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 . As mentioned earlier " For a slightly bigger correction Bank Nifty needs to give a close below 25160 for a test of 24760 - 24660 initially ." , and today Bank Nifty had given a close below 25160 in the previous session and we can expect a test of the initial levels .
Now in the coming session Bank Nifty breaking and sustaining above 24965 can test 25065 - 25085 and on sustaining above it we can see a further upmove till 25170 - 25260 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24780 we can see a test of 24685 - 24660 initially and breaking and sustaining below it we can see a further correction till 24580 - 24490 next .
Bank Nifty Spot Levels for the day are
Long above 24965 for 25025 – 25085 – 25260 , SL 24845
Short below 24780 for 24725 – 24660 – 24490 , SL 24900
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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.