Wednesday, 31 August 2016

Bank Nifty Spot Outlook for 01st September

BANK NIFTY


Bank Nifty spot opened at 19595.90 which was also the low for the day , then went up till 19823.40 before closing at 19787.60 . Had mentioned long positions can be taken above 19589 and short positions can be taken below 19475 for the day.  Bank Nifty opened gap up just triggering our long trade and completed all 3 targets and more giving us around 200 points from the long trade for the day . Bank Nifty today closed above our next immediate resistance levels of 19680 - 19760 and now sustaining above these levels is required for further upmove . Today we broke above 19800 levels and finally closed just below it . Today we saw another new high for this month on the last day and also a new monthly closing high for this year.  Now we would be beginning a new month from tomorrow so a few new levels need to be watched. Now we have immediate supports at 19605 - 19495 and if Bank Nifty breaks and sustains below 19495 then the next supports are at 19315 - 19185 . Also Bank Nifty has been taking support near 18444 - 18537 levels in the entire August month so this should provide strong support incase of a deeper correction. Now we have immediate resistance at 19968 - 20080 levels and if Nifty spot breaks and sustains above 20080 then the next resistances are at 20260 - 20390 ..

Trend reversal in Bank Nifty for this series would be consecutive closing below 19495 and trend continuation would be on consecutive closing above 20080 spot . 

For today if Bank Nifty spot sustains above 19841 we can see a initial move upto 19897 & on sustaining above 19912 we may see further upmove  till 20014. Similarly if Bank Nifty spot sustains below 19734 we may see a initial move on the downside upto 19678 &  on sustaining below 19664 we may see further downmove till 19562

Bank Nifty Spot Levels for the day are

Long above 19841 for 19874
 – 19912 – 20014 , SL 19771

Short below 19734 for 19701 – 19664 – 19562, SL 19804

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Nifty Spot Outlook for 01st September

NIFTY


Nifty spot opened  at 8754.05 which was also the low for the day, went up till 8819.20 before closing at 8786.20 . We had mentioned that long positions can be taken above 8765 and short positions can be taken below 8723 for the day . Nifty opened gap up and triggered our long trade and nearly completed all 3 targets giving us close to 50 points for the day. Those who would have used TSL and held would have still got 30 points too. Today we finally breached 8800 and closed just below it as some profit booking was seen near 8820 which was expected. Today we saw another new high for this month on the last day and also a new monthly closing high for this year.  As have been mentioning since sometime now Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more ' , and today we saw Nifty make a high of 8819.20 for this month . Now we would be beginning a new month from tomorrow so a few new levels need to be watched. Now we have immediate supports at 8716 - 8673 and if Nifty breaks and sustains below 8673 then the next supports are at 8552 - 8522 . Also Nifty has been taking support near 8515 - 8500 levels in the entire August month so this should provide good support . Now we have immediate resistance at 8856 - 8900 levels and if Nifty spot breaks and sustains above 8900 then the next resistances are at 9025 - 9050 .


Trend reversal in Nifty for this month would be consecutive closing below 8673 and trend continuation would be on consecutive closing above 8900 spot . 

For today if Nifty spot sustains above 8807 we can see a initial move upto  8829 & on sustaining above 8834 we may see further upmove till 8874. Similarly if Nifty spot sustains below 8765 we may see a initial move on the downside upto 8743 & on sustaining below 8738 we may see a further downmove till 8698


Nifty Spot Levels for the day are

Long above 8807 for 8820 - 8834 - 8874 , SL 8780

Short below 8765 for 8753 - 8738 - 8698 , SL 8793

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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.

Tuesday, 30 August 2016

Bank Nifty Spot Outlook for 31st August

BANK NIFTY


Bank Nifty spot opened at 19306.5 which was also the low for the day , then went up till 19546.35 before closing at 19531.55 . Had mentioned long positions can be taken above 19261 and short positions can be taken below 19173 for the day.  Bank Nifty opened gap up above our daily long trigger and near our 2nd target for the day , which was also near our weekly long confirmation levels of 19312 and those who would entered longs following our weekly long trigger levels would have still got nearly 220 points from the long trade . As mentioned in the previous posts  'Now we need to see Nifty break and sustain above 8735 spot to enable Bank Nifty to continue this upmove and if Nifty does not break above 8735 - 8742 levels then we may see Bank Nifty also witnessing profit booking and testing 19000 levels again' . Today we finally saw Nifty break above 8735 - 8742 levels and as expected we saw Bank Nifty also make newer highs . Bank Nifty had been taking support near 18444 - 18537 levels before breaking above 19158 levels . As mentioned in the previous posts ' Since breaking above 19297 Bank Nifty has been taking support near 19237 which is our confirmation level for weekly shorts and now one should watch breaking and sustaining below it this week for a test of 19128 - 19158 levels where the next support exists ' . Had also mentioned in the previous post 'We are yet to get a close below 19158 since it has broken out above it 8 sessions ago. Bank Nifty had been trading weak today comparted to the Nifty and we will need Bank Nifty to break and sustain above 19312 to go up further this week.' . We can expect some resistance near 19680 - 19760 levels on the upside now.

Trend reversal in Bank Nifty for this series would be consecutive closing below 18609 and trend continuation would be on consecutive closing above 19297 spot . 

For today if Bank Nifty spot sustains above 19589 we can see a initial move upto 19649 & on sustaining above 19664 we may see further upmove  till 19773. Similarly if Bank Nifty spot sustains below 19475 we may see a initial move on the downside upto 19414 &  on sustaining below 19399 we may see further downmove till 19290

Bank Nifty Spot Levels for the day are

Long above 19589 for 19624
 – 19664 – 19773 , SL 19514

Short below 19475 for 19439 – 19399 – 19290 , SL 19549

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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.

Nifty Spot Outlook for 31st August

NIFTY


Nifty spot opened  at 8646.75 and made a low of 8642.25 , went up till 8750.60 before closing at 8744.35 . We had mentioned that long positions can be taken above 8620 and short positions can be taken below 8595 for the day . Nifty opened gap up above our long trigger and also above our 2nd target for the day . Had mentioned in the previous post that 'Nifty has today also closed above our weekly long levels and now if it sustains above 8591 then we can see further upmove this week.'  and those who would have taken a long trade even above the 2nd target for the day and followed the weekly levels  from there would have still got 100 points using TSL after every target .  Finally after 14 sessions since Nifty had made the high of 8728 and 9 sessions since Bank Nifty had broken out above 19158 and 19297 we saw a new high on the Nifty as well as Bank Nifty today . As have been mentioning for the past few days now Nifty should break above 8735 in the coming sessions else even Bank Nifty will not be able to move further and can reverse till 19000. Today we saw Nifty not only breakout above 8735 - 8742 levels but it also managed to close above it . As have been mentioning 'We have immediate supports at 8556 - 8575 levels and if Nifty breaks and sustains below 8542 then the next support is now near 8515 - 8500 . In the past 3 weeks Nifty has taken support near 8518 levels and bounced back so for now one should watch the breaking of support near 8515 - 8500 levels for a confirmation of further downmove' . As have been mentioning since sometime now ' Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more ' , so now holding these levels by close tomorrow we can expect a further upmove this week.

Breaking and sustaining below 8500 can see a test of 8375 levels on the Nifty . Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more . Currently we are trading in a range of 8500 - 8745 on the Nifty and the upper end has been tested and broken today.

Trend reversal in Nifty for this series would be consecutive closing below 8542 and trend continuation would be on consecutive close above 8735 spot . 

For today if Nifty spot sustains above 8765 we can see a initial move upto  8787 & on sustaining above 8793 we may see further upmove till 8833. Similarly if Nifty spot sustains below 8723 we may see a initial move on the downside upto 8701 & on sustaining below 8696 we may see a further downmove till 8656


Nifty Spot Levels for the day are

Long above 8765 for 8778 - 8793 - 8833 , SL 8738

Short below 8723 for 8711 - 8696 - 8556 , SL 8751

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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.

Monday, 29 August 2016

Bank Nifty Spot Outlook for 30th August

BANK NIFTY


Bank Nifty spot opened at 19174.45 and made a low of 19096.70 , then went up till 19247.85 before closing at 19217 . We had mentioned long positions can be taken above 19240 and short positions can be taken below 19152 for the day.  Bank Nifty triggered our short trade and completed nearly 2 targets giving around 50 points from the short trade .Towards the end of session Bank Nifty triggered our long trade but did not complete any targets.  As mentioned in the previous posts  'Now we need to see Nifty break and sustain above 8735 spot to enable Bank Nifty to continue this upmove and if Nifty does not break above 8735 - 8742 levels then we may see Bank Nifty also witnessing profit booking and testing 19000 levels again' . Today we saw Bank Nifty make a low of 19097 . Bank Nifty had been taking support near 18444 - 18537 levels before breaking above 19158 levels . As mentioned in the previous posts ' Since breaking above 19297 Bank Nifty has been taking support near 19237 which is our confirmation level for weekly shorts and now one should watch breaking and sustaining below it this week for a test of 19128 - 19158 levels where the next support exists ' and today we saw Bank Nifty make a low of 19133 and test our initial support zone . Had mentioned in the previous post that 'Now if Bank Nifty spot breaks and sustains below 19079 in the coming sessions then we may test initially a small support at 19007 - 18956 and once it sustains below these then it can test upto 18820 - 18700 levels'  and today Bank Nifty took support just above 19079 and bounced back . We are yet to get a close below 19158 since it has broken out above it 8 sessions ago. Bank Nifty had been trading weak today comparted to the Nifty and we will need Bank Nifty to break and sustain above 19312 to go up further this week.

Had mentioned that 'Bank Nifty has been sustaining above 19297 levels now but will not be able to do so for long if Nifty does not support it by breaking and sustaining above 8735 - 8742 levels.' Bank Nifty has now corrected nearly 396 points from the high made for this month.

Trend reversal in Bank Nifty for this series would be consecutive closing below 18609 and trend continuation would be on consecutive closing above 19297 spot . 

For today if Bank Nifty spot sustains above 19261 we can see a initial move upto 19308 & on sustaining above 19319 we may see further upmove  till 19403. Similarly if Bank Nifty spot sustains below 19173 we may see a initial move on the downside upto 19126 &  on sustaining below 19115 we may see further downmove till 19031

Bank Nifty Spot Levels for the day are

Long above 19261 for 19288
 – 19319 – 19403 , SL 19203

Short below 19173 for 19146 – 19115 – 19031 , SL 19231

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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.

Nifty Spot Outlook for 30th August

NIFTY


Nifty spot opened  at 8583.75 and made a low of 8543.75 , went up till 8622 before closing at 8607.45 . We had mentioned that long positions can be taken above 8584 and short positions can be taken below 8561 for the day . Nifty initially triggered our short trade and completed 2 targets giving around 16 points as it took our TSL . Nifty took support near 8542 which was our support and trend reversal level for the month. Nifty then triggered our long trade and completed all 3 targets for the day giving around 37 points from the long trade. It has been 13 sessions since Nifty made the high of 8728 and 8 sessions since Bank Nifty broke out above 19158 and 19297 .  As have been mentioning for the past few days now Nifty should break above 8735 in the coming sessions else even Bank Nifty will not be able to move further and can reverse till 19000. Today we saw Bank Nifty also make a low of 19097   As have been mentioning 'We have immediate supports at 8556 - 8575 levels and if Nifty breaks and sustains below 8542 then the next support is now near 8515 - 8500 . In the past 3 weeks Nifty has taken support near 8518 levels and bounced back so for now one should watch the breaking of support near 8515 - 8500 levels for a confirmation of further downmove' . Today Nifty nearly tested our support of 8542 and bounced back nearly 50 points and also managed to get a close above 8600 again . Had mentioned in the previous post that 'Breaking and sustaining below 8542 we can test 8515 - 8500 levels and below that we can test 8440 levels in the coming sessions' and today we saw Nifty make a low of 8543.75 and bounce back. Nifty has today also closed above our weekly long levels and now if it sustains above 8591 then we can see further upmove this week.

Incase Nifty breaks but fails to sustain above 8735 - 8742 then once again we can expect lower levels till 8500 to be tested . Breaking and sustaining below 8500 can see a test of 8375 levels on the Nifty . Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more . Currently we are trading in a range of 8500 - 8745 on the Nifty.

Trend reversal in Nifty for this series would be consecutive closing below 8542 and trend continuation would be on consecutive close above 8735 spot . 

For today if Nifty spot sustains above 8620 we can see a initial move upto  8633 & on sustaining above 8636 we may see further upmove till 8660. Similarly if Nifty spot sustains below 8595 we may see a initial move on the downside upto 8582 & on sustaining below 8579 we may see a further downmove till 8555


Nifty Spot Levels for the day are

Long above 8620 for 8627 - 8636 - 8660 , SL 8604

Short below 8595 for 8588 - 8579 - 8555 , SL 8611

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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.

Sunday, 28 August 2016

Bank Nifty Spot Outlook for 29th August

BANK NIFTY


Bank Nifty spot opened at 19336.45 and made a high of 19358, then went down till 19133.90 before closing at 19195.75 . We had mentioned long positions can be taken above 19357 and short positions can be taken below 19251 for the day.  Bank Nifty touched our long trigger and immediately reversed to go and trigger our short trade and completed more than 2 targets giving around 100 points from the short trade . As mentioned in the previous posts  'Now we need to see Nifty break and sustain above 8735 spot to enable Bank Nifty to continue this upmove and if Nifty does not break above 8735 - 8742 levels then we may see Bank Nifty also witnessing profit booking and testing 19000 levels again' . Today we saw some profit booking come in Bank Nifty as Nifty has failed to break above 8735 - 8742 levels inspite of Bank Nifty sustaining above our resistance levels Bank Nifty had been taking support near 18444 - 18537 levels before breaking above 19158 levels . As mentioned in the previous post ' Since breaking above 19297 Bank Nifty has been taking support near 19237 which is our confirmation level for weekly shorts and now one should watch breaking and sustaining below it this week for a test of 19128 - 19158 levels where the next support exists ' and today we saw Bank Nifty make a low of 19133 and test our initial support zone . Now if Bank Nifty spot breaks and sustains below 19079 in the coming sessions then we may test initially a small support at 19007 - 18956 and once it sustains below these then it can test upto 18820 - 18700 levels . 

Had mentioned that 'Bank Nifty has been sustaining above 19297 levels now but will not be able to do so for long if Nifty does not support it by breaking and sustaining above 8735 - 8742 levels. Nifty spot now needs to break and sustain above 8742 this week to test higher levels' and we saw profit booking take Bank Nifty below 19297 and also close below it.

Trend reversal in Bank Nifty for this series would be consecutive closing below 18609 and trend continuation would be on consecutive closing above 19297 spot . 

For today if Bank Nifty spot sustains above 19240 we can see a initial move upto 19286 & on sustaining above 19298 we may see further upmove  till 19382. Similarly if Bank Nifty spot sustains below 19152 we may see a initial move on the downside upto 19105 &  on sustaining below 19093 we may see further downmove till 19009

Bank Nifty Spot Levels for the day are

Long above 19240 for 19267
 – 19298 – 19382 , SL 19182

Short below 19152 for 19125 – 19093 – 19009 , SL 19209

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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.

Nifty Spot Outlook for 29th August

NIFTY


Nifty spot opened  at 8614.35 and made a high of 8622.95 , went down till 8547.55 before closing at 8572.55 . We had mentioned that long positions can be taken above 8608 and short positions can be taken below 8577 for the day . Nifty initially triggered our long trade and completed 1 target and then took our TSL . Then Nifty triggered our short trade and completed 2 targets for the day . It has been 12 sessions since Nifty made the high of 8728 and 7 sessions since Bank Nifty broke out above 19158 and 19297 .  As have been mentioning for the past few days now Nifty should break above 8735 in the coming sessions else even Bank Nifty will not be able to move further and can reverse till 19000.   As have been mentioning 'We have immediate supports at 8556 - 8575 levels and if Nifty breaks and sustains below 8542 then the next support is now near 8515 - 8500 . In the past 3 weeks Nifty has taken support near 8518 levels and bounced back so for now one should watch the breaking of support near 8515 - 8500 levels for a confirmation of further downmove' . Today again Nifty broke below 8600 and we saw it take supports near our next level for short confirmation of 8548 as per our weekly levels but it has failed to close above 8600 for the 2nd consecutive day now . Breaking and sustaining below 8542 we can test 8515 - 8500 levels and below that we can test 8440 levels in the coming sessions . 

Incase Nifty breaks but fails to sustain above 8735 - 8742 then once again we can expect lower levels till 8500 to be tested . Breaking and sustaining below 8500 can see a test of 8375 levels on the Nifty . Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more . 

Trend reversal in Nifty for this series would be consecutive closing below 8542 and trend continuation would be on consecutive close above 8735 spot . 

For today if Nifty spot sustains above 8584 we can see a initial move upto  8596 & on sustaining above 8599 we may see further upmove till 8621. Similarly if Nifty spot sustains below 8561 we may see a initial move on the downside upto 8549 & on sustaining below 8546 we may see a further downmove till 8524


Nifty Spot Levels for the day are

Long above 8584 for 8591 - 8599 - 8621 , SL 8569

Short below 8561 for 8554 - 8546 - 8524 , SL 8576

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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.

Saturday, 27 August 2016

Weekly Spot Outlook of Bank Nifty for 29th August to 02nd September

BANK NIFTY

This week Bank Nifty spot went up 79 points  and went down 281 points over last weeks close and finally ended the week with a loss of 219 points compared to last weekly closing  


Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 19592 to confirm uptrend and Bank Nifty spot needs to break and sustain below 19237 to confirm downtrend. Bank Nifty made a high of 19493.20 and a low of 19133.90 .


This week Bank Nifty triggered our short trade and completed nearly our initial 3 targets giving around 150 points from the short trade. After 3 weeks we had seen a breakout above 19158 and also had managed to get a close above 19297 last week which was our trend continuation level for further upmove in this month . Post that in the week gone by we saw Bank Nifty sustain above 19158 and give consecutive close too above 19297 but it did not get any support from Nifty which could not break above 8735 , and without which it is difficult for Bank Nifty to sustain above these levels . If Bank Nifty holds 19158 on closing then we can see it test upto 19680 levels in the coming week . Breaking and sustaining below 19079 we can see it test upto 18700 levels again . 

Trend continuation in Bank Nifty Spot for the month of August would be on a consecutive close above 19297 and trend reversal would be on a consecutive close below 18609.


In the coming week Bank Nifty spot needs to break and sustain above 19312 to confirm uptrend and then one can expect a move till 19435 initially and breaking and sustaining above 19466 will give further confirmation of the next move which can take us till 19689 . Similarly Bank Nity spot needs to break and sustain below 19079 to confirm downtrend and then one can expect a move till 18956 initially and breaking and sustaining below 18925 will give further confirmation of the next move which can take us down till 18703.


Bank Nifty Spot Levels for the week are

Long above 19268 , Tgt 19312 - 19348 - 19384

IF Bank Nifty spot manages to get a close / sustain above 19435 then 

long again for 19466 - 19573 - 19689

Short below 19124 , Tgt 19079 - 19043 - 19007

IF Bank Nifty spot manages to get a close / sustain below 18956 then 

short again for 18925 - 18819 - 18703


P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

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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.

Weekly Spot Outlook of Nifty for 29th August to 02nd September

NIFTY

This week Nifty spot went up 18 points and went down 119 points from last weeks close and finally ended the week with a loss of 94 points compared to last weekly closing . 


Last week we had mentioned that Nifty Spot needs to break and sustain above 8718 to confirm uptrend and Nifty spot needs to break and sustain below 8616 to confirm downtrend for the week. Nifty made a high of 8684.85 and a low of 8547.55 for the week


This week  Nifty triggered our short trade and finally achieved 4 targets giving us nearly 87 points from the short trade before it took support near 8548 which was our confirmation level for further shorts for the week . We saw a narrow range the entire week inspite of being a expiry week and finally got some movement on Friday . We are yet to break and sustain above our level of 8735 which is our trend continuation level for Nifty for this month . For this week Nifty took support near 8542 levels which was our trend reversal level for this month and we need a consecutive closing below it to see another 100 point fall . Last week we saw Bank Nifty breakout and sustain above our levels to go up further but Nifty has failed to do . We may see some profit booking come this week too but we may see some buying near 8440 levels . As mentioned previously 8542 is our trend reversal level for this series and we have seen Nifty break below it on a few occassions but is yet to give a close below it . In the previous weeks Nifty had taken support twice in the range of 8520 - 8515 levels and this week it took support near 8548 levels . Had mentioned in the previous weekly post 'Failing to sustain above 8735 can again lead to a sell off' . Though the current dip can't be called a sell off but some more correction can be expected till 8440 this week if we close below 8542 levels  . A break above 8735 might now come only after a small correction .


Trend continuation in Nifty spot for the month of August would be on a consecutive close above 8735 and trend reversal would be on a consecutive close below 8542 


In the coming week Nifty spot needs to break and sustain above 8603 to confirm uptrend and then one can expect a move till 8635 initially and breaking and sustaining above 8643 will give further confirmation for the next move which can take us up till 8700. Similarly Nifty spot needs to break and sustain below 8542 to confirm downtrend and then one can expect a move till 8511 initially and breaking and sustaining below 8503 will give further confirmation for the next move which can take us down till 8445 .


Nifty Spot Levels for the week are

Long above 8591 , Tgt  8603 - 8612 - 8621

IF Nifty spot manages to get a close / sustain above 8635 then ,

long again for 8643 - 8670 - 8700

Short below 8554 , Tgt 8542 - 8533 - 8524

IF Nifty spot manages to get a close / sustain below 8511 then, 

short again for 8503 - 8475 - 8445


P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.

Thursday, 25 August 2016

Bank Nifty Spot Outlook for 26th August

BANK NIFTY


Bank Nifty spot opened at 19383.70 and made a high of 19432.75, then went down till 19282.80 before closing at 19304.25 . We had mentioned long positions can be taken above 19408 and short positions can be taken below 19304 for the day.  Bank Nifty initially triggered our long trade but could not complete any target and took our SL . Then Bank Nifty triggered our short trade and completed 1 target . As mentioned in the previous posts  'Now we need to see Nifty break and sustain above 8735 spot to enable Bank Nifty to continue this upmove and if Nifty does not break above 8735 - 8742 levels then we may see Bank Nifty also witnessing profit booking and testing 19000 levels again' . Bank Nifty has been taking support near 18444 - 18537 levels and recovering since the past 3 weeks and for now one should watch the breaking of these levels for further correction . Since breaking above 19297 Bank Nifty has been taking support near 19237 which is our confirmation level for weekly shorts and now one should watch breaking and sustaining below it this week for a test of 19128 - 19158 levels where the next support exists . Trend continuation in Bank Nifty for this series was on consecutive close above 19297 and now holding these levels we can see it test 19600 - 19800 levels .This expiry was one of the narrowest range day . We should see a break of this narrow range tomorrow.

Bank Nifty has been sustaining above 19297 levels now but will not be able to do so for long if Nifty does not support it by breaking and sustaining above 8735 - 8742 levels. Nifty spot now needs to break and sustain above 8742 this week to test higher levels .

Trend reversal in Bank Nifty for this series would be consecutive closing below 18609 and trend continuation would be on consecutive closing above 19297 spot . 

For today if Bank Nifty spot sustains above 19357 we can see a initial move upto 19414 & on sustaining above 19428 we may see further upmove  till 19530. Similarly if Bank Nifty spot sustains below 19251 we may see a initial move on the downside upto 19195 &  on sustaining below 19181 we may see further downmove till 19079

Bank Nifty Spot Levels for the day are

Long above 19357 for 19390
 – 19428 – 19530 , SL 19288

Short below 19251 for 19218 – 19181 – 19079 , SL 19321

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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.