Bank Nifty spot opened at 20153.10 and made a high of 20264.80 , then went down till 19996.90, before closing at 20109.60. Had mentioned long positions can be taken above 19888 and short positions can be taken below 19769 for the day. Bank Nifty opened gap up above our last long target as per daily levels . Had mentioned yesterday ' Once the last targets are achieved for the day . follow the weekly levels for the next targets' .Had mentioned in the previous posts 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 managed to hold the support levels after testing it 4 times in the previous week . We have seen some support build near 19730 levels in the week gone by. Now we have immediate supports at 19702 - 19605 and if Bank Nifty breaks and sustains below this zone then the next support is at 19495 which is also our trend reversal level . Once it sustains below 19495 then we may see it test the next supports of 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 that 'Now Bank Nifty has immediate resistance again at 20080 which is our trend continuation level and closing or sustaining above it we can expect Bank Nifty to again test 20467 - 20505 levels and once it closes above this zone we may see higher levels this month'.Today Bank Nifty has also closed above our weekly long confirmation level of 20104 and also again above 20080 which is our trend continuation level . Now holding these levels in tomorrows session we can see further upmove to test the level mentioned.
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 20183 we can see a initial move upto 20261 & on sustaining above 20281 we may see further upmove till 20421. Similarly if Bank Nifty spot sustains below 20036 we may see a initial move on the downside upto 19958 & on sustaining below 19939 we may see further downmove till 19798 .
Bank Nifty Spot Levels for the day are
Long above 20183 for 20229 – 20281 – 20421 , SL 20087
Short below 20036 for 19991 – 19939 – 19798 , SL 20132
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