Bank Nifty spot opened at 19383.70 and made a high of 19432.75, then went down till 19282.80 , before closing at 19304.25 . We had mentioned long positions can be taken above 19408 and short positions can be taken below 19304 for the day. Bank Nifty initially triggered our long trade but could not complete any target and took our SL . Then Bank Nifty triggered our short trade and completed 1 target . As mentioned in the previous posts 'Now we need to see Nifty break and sustain above 8735 spot to enable Bank Nifty to continue this upmove and if Nifty does not break above 8735 - 8742 levels then we may see Bank Nifty also witnessing profit booking and testing 19000 levels again' . Bank Nifty has been taking support near 18444 - 18537 levels and recovering since the past 3 weeks and for now one should watch the breaking of these levels for further correction . Since breaking above 19297 Bank Nifty has been taking support near 19237 which is our confirmation level for weekly shorts and now one should watch breaking and sustaining below it this week for a test of 19128 - 19158 levels where the next support exists . Trend continuation in Bank Nifty for this series was on consecutive close above 19297 and now holding these levels we can see it test 19600 - 19800 levels .This expiry was one of the narrowest range day . We should see a break of this narrow range tomorrow.
Bank Nifty has been sustaining above 19297 levels now but will not be able to do so for long if Nifty does not support it by breaking and sustaining above 8735 - 8742 levels. 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 19357 we can see a initial move upto 19414 & on sustaining above 19428 we may see further upmove till 19530. Similarly if Bank Nifty spot sustains below 19251 we may see a initial move on the downside upto 19195 & on sustaining below 19181 we may see further downmove till 19079
Bank Nifty Spot Levels for the day are
Long above 19357 for 19390 – 19428 – 19530 , SL 19288
Short below 19251 for 19218 – 19181 – 19079 , SL 19321
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.