Bank Nifty spot opened at 18270.90 and made a low of 18143.70 , then went up till 19587.80 before closing at 19518.25 . Had mentioned long positions can be taken above 19557 and short positions can be taken below 19445 for the day. Bank Nifty opened with huge gap down of over 1200 points due to the surgical strike on black money and the US elections results nervousness combined together. Bank Nifty nearly kissed 18000 levels before recovering smartly in the second half and managed to close in the green too showing great strength . Had mentioned in the previous post that ' Bank Nifty holding 19010 levels can retest 19315 - 19495 levels initially above 19207 where the downtrend for this month got confirmed ' .Below 19010 levels Bank Nifty has good support near 18805 - 18505 levels incase of further correction . Deeper correction can be expected only if we get a close below 18505 . If Bank Nifty sustains above 19495 then we can see a move till 19645 - 19730 levels .
For the month of November we can expect uptrend in Bank Nifty spot on a consecutive closing above 19840 and downtrend to continue on a consecutive closing below 19207 .
For today if Bank Nifty spot sustains above 19574 we can see a initial move upto 19633 & on sustaining above 19648 we may see further upmove till 19755. Similarly if Bank Nifty spot sustains below 19462 we may see a initial move on the downside upto 19403 & on sustaining below 19389 we may see further downmove till 19282
Bank Nifty Spot Levels for the day are
Long above 19574 for 19609 – 19648 – 19755 , SL 19501
Short below 19462 for 19428 – 19389 – 19282 , SL 19535
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