Bank Nifty spot opened at 19087.20 and made a low of 19083 , then went up till 19367.45, before closing at 19352.80 . We had mentioned long positions can be taken above 19111 and short positions can be taken below 18971 for the day. Bank Nifty triggered our long trade and completed all 3 targets giving around 230 points from the trade . After 21 sessions Bank Nifty today finally broke out above 19158 and gave a good upmove post it .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' and today Bank Nifty not only tested these levels once it broke out above 19158 but also closed above 19340 . 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 Bank Nifty had broken out of this range in the previous session and today also finally broke out above 19158 strongly . Trend continuation in Bank Nifty for this series was on consecutive close above 19297 and we have got our first close above it and now we need to get a follow up close above it again in todays session which is also the weekly close.
Incase Bank Nifty breaks above these levels but fails to sustain above them then we can see a retest of 18550 -18450 levels again. Nifty spot now needs to break and sustain above 8742 this week to test higher levels and Bank Nifty spot needs to give a consecutive close above 19297 .
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 19429 we can see a initial move upto 19510 & on sustaining above 19531 we may see further upmove till 19677. Similarly if Bank Nifty spot sustains below 19276 we may see a initial move on the downside upto 19195 & on sustaining below 19175 we may see further downmove till 19028
Bank Nifty Spot Levels for the day are
Long above 19429 for 19477 – 19531 – 19677 , SL 19329
Short below 19276 for 19229 – 19175 – 19028 , SL 19376
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.