Bank Nifty spot opened at 19180.30 and made a high of 19216.35 , then went down till 18897.10 before closing at 18959.05 . Had mentioned long positions can be taken above 19213 and short positions can be taken below 18962 for the day. Bank Nifty triggered our long trade and immediately reversed and took our SL and then triggered our short trade but could not complete any target . As mentioned in the previous post 'Bank Nifty should be watched now because if it also starts falling then Nifty can break the November low of 8002' Also Nifty has now closed 480+ points below our confirmation level to stay short for this month where as Bank Nifty is still only 248 points below its levels for downtrend continuation for this month . IF Bank Nifty recovers to close above 19207 levels on closing we can expect a retest of 19525 - 19840 levels and above that 20260 levels again . IF Bank Nifty continues to sustain below 19207 then we can see a test of the support at 18805 - 18505 . We are entering the expiry week for November series in F&O and we can expect some swings.
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 19084 we can see a initial move upto 19216 & on sustaining above 19249 we may see further upmove till 19488. Similarly if Bank Nifty spot sustains below 18834 we may see a initial move on the downside upto 18702 & on sustaining below 18669 we may see further downmove till 18430.
Bank Nifty Spot Levels for the day are
Long above 19084 for 19161 – 19249 – 19488 , SL 18920
Short below 18834 for 18757 – 18669 – 18430 , SL 18998
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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.