Bank Nifty spot opened at 18968.65 made a high of 19008.15 , then went down till 18838.60, before closing at 18933.30 . We had mentioned long positions can be taken above 19001 and short positions can be taken below 18878 for the day. Bank Nifty triggered our short trade after opening and completed just 1 target . From the lows of the day Bank Nifty went up and triggered our long trade but could not complete any target. It is now 16 trading sessions since Bank Nifty made the high of 19158 in July and we have seen Nifty make 7 new highs post that including the one in todays session. For now Bank Nifty has taken support above 18415 - 18250 levels and recovered last week . Now Bank Nifty has immediate resistance at 19128 - 19158 levels where it has been taking resistance in the past 16 sessions and it needs to break and sustain above it to test upto 19295 - 19340 levels . Today though Bank Nifty did not go up much it did not fall much either compared to the Nifty. Bank Nifty has been trading in a range of 18444 - 19079 since the beginning of August series and we should now see a break of this range this week .
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 18991 we can see a initial move upto 19052 & on sustaining above 19067 we may see further upmove till 19177. Similarly if Bank Nifty spot sustains below 18876 we may see a initial move on the downside upto 18815 & on sustaining below 18799 we may see further downmove till 18689
Bank Nifty Spot Levels for the day are
Long above 18991 for 19026 – 19067 – 19177 , SL 18916
Short below 18876 for 18840 – 18799 – 18689 , SL 18951
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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.