Bank Nifty spot opened at 19652.95 and made a high of 19696.45 , then went down till 19479.15, before closing at 19518.70 . Had mentioned long positions can be taken above 19653 and short positions can be taken below 19530 for the day. Bank Nifty triggered our long trade at opening and completed just 1 target . It then reversed and went down to trigger our short trade and completed 1 target on the short side . Had mentioned in the previous posts that 'We have seen some support build near 19730 levels in the past 2 weeks and 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' ,and today we saw Bank Nifty take resistance just below 19702 and reverse to go down and break 19495, which it managed to hold and close above it . 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. Now if Bank Nifty manages to hold to the lows made today we can see it go back and test 19702 - 19781 levels again .
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 19577 we can see a initial move upto 19639 & on sustaining above 19655 we may see further upmove till 19766. Similarly if Bank Nifty spot sustains below 19460 we may see a initial move on the downside upto 19399 & on sustaining below 19383 we may see further downmove till 19271.
Bank Nifty Spot Levels for the day are
Long above 19577 for 19613 – 19655 – 19766 , SL 19501
Short below 19460 for 19424 – 19383 – 19271 , SL 19537
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