Bank Nifty spot opened at 19419 and made a high of 19457.40 , then went down till 19327.20, before closing at 19414.70 . We had mentioned long positions can be taken above 19429 and short positions can be taken below 19276 for the day. Bank Nifty triggered our long trade but did not complete any targets . 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 now Bank Nifty has managed to hold and sustain above these levels after breaking out above them . Trend continuation in Bank Nifty for this series was on consecutive close above 19297 and Bank Nifty has given us a consecutive close above it and now holding these levels we can see it test 19600 - 19800 levels initially .
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 .
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 19482 we can see a initial move upto 19553 & on sustaining above 19571 we may see further upmove till 19699. Similarly if Bank Nifty spot sustains below 19348 we may see a initial move on the downside upto 19277 & on sustaining below 19259 we may see further downmove till 19130
Bank Nifty Spot Levels for the day are
Long above 19482 for 19523 – 19571 – 19699 , SL 19394
Short below 19348 for 19306 – 19259 – 19130 , SL 19436
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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.