Bank Nifty spot opened at 19493.90 and made a high of 19722.85 , then went down till 19479.25 before closing at 19658.70. Had mentioned long positions can be taken above 19494 and short positions can be taken below 19330 for the day. Bank Nifty triggered our long trade and completed 2 targets giving us 200+ points from the long trade. Had been mentioning since some days that 'Incase we break the lows of 19059 of September and sustain then we have the next support now near 18975 - 18845 level ' and Bank Nifty made a low of 18824.40 and tested this level on Friday . If Bank Nifty breaks below 18975 - 18845 levels and sustains then we have a small support near 18715 - 18570 levels . Had also mentioned that 'IF Bank Nifty holds 18445 - 18975 levels then we may see a retest of 19315 - 19495 levels initially and on sustaining above it further till 19645 - 19730 resistance levels' and had also mentioned in the previous post 'Now on closing or sustaining above 19495 Bank Nifty should test the next resistance levels of 19645 - 19730' and today we saw Bank Nifty nearly test the outer range of this zone by making a high of 19722.85 and also close within it. If Bank Nifty manages to give a consecutive close above 19737 levels then we may test higher levels till 19880 - 20020 . Those who are holding weekly longs should move their TSL to 19464 spot . IF Bank Nifty is unable to break and sustain or close above 19737 then we may see a correction again till 19315 - 19495 levels.
For the month of October we can expect uptrend in Bank Nifty spot on a consecutive closing above 19737 and downtrend to continue on a consecutive closing below 18835 .
For today if Bank Nifty spot sustains above 19746 we can see a initial move upto 19839 & on sustaining above 19862 we may see further upmove till 20029. Similarly if Bank Nifty spot sustains below 19571 we may see a initial move on the downside upto 19479 & on sustaining below 19455 we may see further downmove till 19288
Bank Nifty Spot Levels for the day are
Long above 19746 for 19800 – 19862 – 20029 , SL 19632
Short below 19571 for 19517 – 19455 – 19288 , SL 19686
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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.