Bank Nifty spot opened at 20505.80 and made a high at 20575.80, then went down till 20376.75 , before closing at 20406.90 . Had mentioned long positions can be taken above 20504 and short positions can be taken below 20348 for the day. Bank Nifty triggered our long trade at opening and completed just 1 target giving us 50 points from the long trade . Now we have immediate supports at 19605 - 19495 and if Bank Nifty breaks and sustains below 19495 then the next supports are at 19315 - 19185 . Also Bank Nifty has been taking support near 18444 - 18537 levels in the entire August month so this should provide strong support incase of a deeper correction. Had mentioned in the previous post that 'Bank Nifty outperformed the Nifty today by a good margin and is now at a crucial level as it now needs to sustain above 20467 - 20505 to test higher levels this week' and today Bank broke above these levels but could not sustain and finally closed just below it . Those who are still holding longs from 19297 levels should keep a TSL at 20260 for their existing positions . After the outperformance we have seen from Bank Nifty we can expect a couple of days of sideways movement before the next big move. Tomorrow we have our weekly expiry too so some small swings can be expected . Those who are looking to go long on dips can keep 20080 as cbsl .
Trend reversal in Bank Nifty for this series would be consecutive closing below 19495 and trend continuation would be on consecutive closing above 20080 spot . We saw Bank Nifty move up further by nearly 500 points till today on sustaining above 20080
For today if Bank Nifty spot sustains above 20485 we can see a initial move upto 20568 & on sustaining above 20589 we may see further upmove till 20739. Similarly if Bank Nifty spot sustains below 20328 we may see a initial move on the downside upto 20245 & on sustaining below 20225 we may see further downmove till 20075
Bank Nifty Spot Levels for the day are
Long above 20485 for 20534 – 20589 – 20739 , SL 20383
Short below 20328 for 20280 – 20225 – 20075, SL 20431
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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.