Bank Nifty spot opened at 19808.35 and made a high of 19861.75 , then went down till 19240.45 before closing at 19289.75 . Had mentioned long positions can be taken above 19857 and short positions can be taken below 19621 for the day. Bank Nifty triggered our long trade and immediately reversed and took our SL . Bank Nifty then triggered our short trade and completed all our targets giving us around 350+ points from the trade . Bank Nifty has been showing a lot more strength than the Nifty and has been outperforming it in the past few days . Nifty is down by 517 points this month so far compared to the close 31st October and Bank Nifty is down by 234 points . Also Nifty is trading 450 points below our confirmation level to stay short for this month where as Bank Nifty is still 82 points above its levels for downtrend continuation for this month . IF Bank Nifty holds on to 19207 levels on closing we can expect a retest of 19840 levels and above that 20260 levels again . This outperformance by Bank Nifty cant be sustained if Nifty does not try catching up with a few other sectors also supporting . IF Bank Nifty sustains / closes below 19207 then we can see a test of the support at 18805 - 18505 .
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 19418 we can see a initial move upto 19553 & on sustaining above 19588 we may see further upmove till 19832. Similarly if Bank Nifty spot sustains below 19162 we may see a initial move on the downside upto 19026 & on sustaining below 18992 we may see further downmove till 18747
Bank Nifty Spot Levels for the day are
Long above 19418 for 19497 – 19588 – 19832 , SL 19250
Short below 19162 for 19083 – 18992 – 18747 , SL 19329
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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.