Bank Nifty spot opened at 19757.05 and made a low of 19732.15, then went up till 19953.15 , before closing at 19909.15. Had mentioned long positions can be taken above 19894 and short positions can be taken below 19687 for the day. Bank Nifty triggered our long trade but could not complete even 1 target as it missed the first target by 4 points . Today Bank Nifty was stronger than the Nifty for the entire session . Had mentioned in the previous post that 'After the outperformance we have seen from Bank Nifty we can expect a couple of days of sideways movement before the next big move'. Also had mentioned that 'Now Bank Nifty spot has a small support near 19815 - 19759 levels below 20080' and Bank Nifty has today managed to close above this range after testing for the second day in a row . Now we have immediate supports at 19605 - 19495 and if Bank Nifty breaks and sustains below 19495 which is also our trend reversal level 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 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 Bank Nifty failed to close above this range after having broken it a few times . Now Bank Nifty has immediate resistance again at 20080 which is our trend continuation level .
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 .
For today if Bank Nifty spot sustains above 20007 we can see a initial move upto 20111 & on sustaining above 20138 we may see further upmove till 20325. Similarly if Bank Nifty spot sustains below 19811 we may see a initial move on the downside upto 19707 & on sustaining below 19681 we may see further downmove till 19493
Bank Nifty Spot Levels for the day are
Long above 20007 for 20068 – 20138 – 20325 , SL 19879
Short below 19811 for 19750 – 19681 – 19493 , SL 19940
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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.