Bank Nifty spot opened at 18724.90 which was also the high , then went down till 18443.65, before closing at 18571.90 . We had mentioned long positions can be taken above 18659 and short positions can be taken below 18545 for the day. Bank Nifty triggered our long trade at opening and opened near our 2nd target giving no chance to enter the long trade. Then Bank Nifty triggered our short trade and completed 2 targets giving us nearly 90 points from the short trade. Its now 13 trading sessions since Bank Nifty made the high of 19158 in July and we saw Nifty make 6 new highs post that . Bank Nifty broke our immediate support at 18611 - 18567 and went close to testing our next support at 18415 - 18250 levels before recovering . 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 .Today we have got a adjusted close below our trend reversal level of 18609 for the second day though we were above it at close and tomorrow if Bank Nifty fails to sustain above it then we can see a quick correction till 18415 - 18250 levels again. If Bank holds and sustains above 18609 then we should see it move till 18850 - 19065 levels again. As per our weekly levels Bank Nifty has completed our initial 3 targets and completed more intraday but we needed a close below 18567 to confirm the downmove for the next targets which has been eluding us for the last 2 days.
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 18629 we can see a initial move upto 18689 & on sustaining above 18705 we may see further upmove till 18814. Similarly if Bank Nifty spot sustains below 18515 we may see a initial move on the downside upto 18455 & on sustaining below 18439 we may see further downmove till 18330
Bank Nifty Spot Levels for the day are
Long above 18629 for 18664 – 18705 – 18814 , SL 18554
Short below 18515 for 18480 – 18439 – 18330 , SL 18590
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. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.
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.