Bank Nifty spot opened at 19542 and made a low of 19509.65 , then went up till 19700, before closing at 19653.55 . Had mentioned long positions can be taken above 19577 and short positions can be taken below 19460 for the day. Bank Nifty triggered our long trade and completed more than 2 targets giving nearly 100+ points before taking resistance near our resistance zone of 19702 - 19781 levels . 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 yesterday 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. Today again Bank Nifty held our trend reversal level of 19495 and moved up to test our resistance of 19702 again but could not break above it today too. 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 on to 19495 we can see it go back and test 19702 - 19781 levels initially and above that we can see a test of 19850 - 19900 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 19716 we can see a initial move upto 19782 & on sustaining above 19799 we may see further upmove till 19918. Similarly if Bank Nifty spot sustains below 19591 we may see a initial move on the downside upto 19525 & on sustaining below 19509 we may see further downmove till 19389
Bank Nifty Spot Levels for the day are
Long above 19716 for 19754 – 19799 – 19918 , SL 19634
Short below 19591 for 19553 – 19509 – 19389 , SL 19673
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.
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.