Bank Nifty spot opened at 18697.80, made a low of 18551.30 , then went up till 18735.40 , before closing at 18690.40 . We had mentioned long positions can be taken above 18748 and short positions can be taken below 18601 for the day. Bank Nifty triggered our short trade and completed just 1 target giving around 40 points . Had mentioned in the last post that 'Bank Nifty has outperformed for the last few days and we may see a small correction come if we do not get a consecutive close above 19155' . Bank Nifty high till now for this month is 19158 . Also as mentioned before Bank Nifty now has next support near 18620 -18520 if we break below 18790 spot which is our TSL for longs on closing basis . Bank Nifty had triggered our TSL of 18790 on Thursday's close and tested our support levels of 18620 - 18520 with Fridays low of 18551 . As of now breaking and sustaining below 18620 - 18520 levels we can expect next support coming near 18370 - 18200 levels on Bank Nifty spot and breaking and sustaining above 19155 - 19185 we can expect next resistance near 19240 - 19350 . Those looking to go long on a correction till 18200 should keep a cbsl of 18170 spot and those looking to short near 19240 - 19350 should do so with a cbsl of 19380 spot .
Trend reversal in Bank Nifty for this series would be consecutive closing below 17500 and trend continuation would be on consecutive close above 18371 spot .
For today if Bank Nifty spot sustains above 18751 we can see a initial move upto 18816 & on sustaining above 18832 we may see further upmove till 18948. Similarly if Bank Nifty spot sustains below 18630 we may see a initial move on the downside upto 18565 & on sustaining below 18549 we may see further downmove till 18433
Bank Nifty Spot Levels for the day are
Long above 18751 for 18789 – 18832 – 18948 , SL 18672
Short below 18630 for 18592 – 18549 – 18433 , SL 18709
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss