Bank Nifty spot opened at 19763.85 and made a low of 19751.65 , then went up till 19897.85 before closing at 19807.90 . Had mentioned long positions can be taken above 19796 and short positions can be taken below 19626 for the day. Bank Nifty triggered our long trade and missed completing our 2nd target by 11 points giving us 70 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 . 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 posts of last week 'Now on closing or sustaining above 19495 Bank Nifty should test the next resistance levels of 19645 - 19730' and we saw Bank Nifty make a high of 19744 and also give a close above 19700 last week . As mentioned in the previous post ' If Bank Nifty manages to give a consecutive close above 19737 levels then we may test higher levels till 19880 - 20020 ' and today Bank Nifty made a high of of 19897.85 and took resistance but also managed to give a close above 19737 levels. . Those who are holding longs should move their cbsl to 19635 spot now . IF Bank Nifty is unable to give a consecutive close above 19737 and if Nifty also does not sustain or close above 8755 spot 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 19894 we can see a initial move upto 19984 & on sustaining above 20007 we may see further upmove till 20171. Similarly if Bank Nifty spot sustains below 19722 we may see a initial move on the downside upto 19631 & on sustaining below 19609 we may see further downmove till 19445
Bank Nifty Spot Levels for the day are
Long above 19894 for 19947 – 20007 – 20171 , SL 19781
Short below 19722 for 19669 – 19609 – 19445 , SL 19834
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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.