Bank Nifty spot opened at 19792.20 and made a high of 19794.15 , then went down till 19568.35, before closing at 19591.75 . Had mentioned long positions can be taken above 19976 and short positions can be taken below 19828 for the day. Bank Nifty triggered our intraday and weekly short trade at opening and completed all our intraday targets and our initial 3 targets as per weekly shorts giving us nearly 200+ points from the short trade . Had mentioned in the previous posts that 'We have seen some support build near 19730 levels in the past 2 weeks' and today we saw that support being taken out comfortably and Bank Nifty also closed below the immediate next supports at 19702 - 19605 , below which we can expect the next support of 19495 which is also our trend reversal level to be tested . Once it sustains below 19495 then we may see it test the next supports of 19315 - 19185 levels. 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 in the previous post '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' and though Bank Nifty had given us a close above 20080 on Thursday , it had failed to give a consecutive close above it in the next session which was a hint that the upmove was not a strong one as it could not give a follow up move..
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 19653 we can see a initial move upto 19718 & on sustaining above 19735 we may see further upmove till 19852. Similarly if Bank Nifty spot sustains below 19530 we may see a initial move on the downside upto 19465 & on sustaining below 19449 we may see further downmove till 19332 .
Bank Nifty Spot Levels for the day are
Long above 19653 for 19691 – 19735 – 19852 , SL 19573
Short below 19530 for 19492 – 19449 – 19332 , SL 19611
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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.