Bank Nifty spot opened at 18680.95 made a high of 18775.40 , then went down till 18542.60 , before closing at 18602 . We had mentioned long positions can be taken above 18775 and short positions can be taken below 18642 for the day. Bank Nifty touched our long trigger but did not go 1 point above it . Then Bank Nifty triggered our short trade and completed 2 targets giving around 90 points . Its now 12 trading sessions since Bank Nifty made the high of 19158 in July and we saw Nifty make 6 new highs post that . Bank Nifty is due now to give a stronger move after spending good time in consolidation . Bank Nifty has immediate resistance at 19158 and above it near 19295 - 19340 levels . Bank Nifty has immedate support at 18611 - 18567 and below that at 18415 - 18250 levels . Now with GST bill getting passed we should see a good move coming in Bank Nifty . Today we have closed below our trend reversal level of 18609 and tomorrow if Bank Nifty fails to sustain above it then we can see a quick correction till 18415 - 18250 levels . If Bank holds and sustains above 18609 then we should see it move till 18850 - 19065 levels again.
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 18659 we can see a initial move upto 18720 & on sustaining above 18735 we may see further upmove till 18845. Similarly if Bank Nifty spot sustains below 18545 we may see a initial move on the downside upto 18485 & on sustaining below 18469 we may see further downmove till 18360
Bank Nifty Spot Levels for the day are
Long above 18659 for 18695 – 18735 – 18845 , SL 18584
Short below 18545 for 18510 – 18469 – 18360 , SL 18620
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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.