Bank Nifty Spot Outlook for 16th August

BANK NIFTY

Bank Nifty spot opened at 18698.30 and made a low of 18695.50 , then went up till 18986.80, before closing at 18963.70 . We had mentioned long positions can be taken above 18704 and short positions can be taken below 18577 for the day.  Bank Nifty triggered our long trade and competed all 3 targets and more giving us more than 200 points from the long trade . It is now 19 trading sessions since Bank Nifty made the high of 19158 in July and we have seen Nifty make 7 new highs post that . Bank Nifty has been taking support near 18444 - 18537 levels and recovering since the past 2 weeks and for now one should watch the breaking of these levels for further correction . As have been mentioning ' Now Bank Nifty has immediate resistance at 19128 - 19158 levels where it has been taking resistance in the past 19 sessions and it needs to break and sustain above it to test upto  19295 - 19340 levels' . Had mentioned in the previous post that '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 ' and the same is expected in this truncated week now . Bank Nifty has failed to break above 19158 this month so far and one should watch for the breaking of 19158 - 19297 zone for further upmove from here . Incase Bank Nifty breaks above these levels but fails to sustain above them then we can see a retest of 18550 -18450 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 19036 we can see a initial move upto 19113 & on sustaining above 19133 we may see further upmove  till 19272. Similarly if Bank Nifty spot sustains below 18891 we may see a initial move on the downside upto 18814 &  on sustaining below 18795 we may see further downmove till 18656

Bank Nifty Spot Levels for the day are

Long above 19036 for 19081 – 19133 – 19272 , SL 18941

Short below 18891 for 18846 – 18795 – 18656 , SL 18986

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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.