Bank Nifty spot opened at 19044.55 and made a high of 19138.35 , then went down till 18966.35, before closing at 19041.25 . We had mentioned long positions can be taken above 19075 and short positions can be taken below 18930 for the day. Bank Nifty triggered our long trade and completed 1 target . It is now 21 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 21 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 today Bank Nifty broke out this range but was still unable to break above 19158 . 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. We need Bank Nifty spot to break and sustain above 19158 and also Nifty spot 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 19111 we can see a initial move upto 19185 & on sustaining above 19204 we may see further upmove till 19338. Similarly if Bank Nifty spot sustains below 18971 we may see a initial move on the downside upto 18897 & on sustaining below 18878 we may see further downmove till 18745
Bank Nifty Spot Levels for the day are
Long above 19111 for 19155 – 19204 – 19338 , SL 19020
Short below 18971 for 18928 – 18878 – 18745 , SL 19063
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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.