Bank Nifty spot opened at 18329.40 and made a high of 18490.50 , then went down till 18163.80 before closing at 18247.65 . Now Bank Nifty spot has initial resistance near 18505 - 18805 levels . We can expect a correction till 18185 - 18020 since Bank Nifty has been taking resistance near the resistance levels.Further downmove can be expected on a consecutive close below 18075 levels . IF Bank Nifty breaks and sustains above 18505 - 18805 levels on closing then we can expect a bounce till 19020 - 19210 levels initially and above that till 19315 - 19495 levels. We can expect the upmoves to be sold into till Bank Nifty does not give a close above 19181 levels .
For the month of December we can expect uptrend in Bank Nifty spot on a consecutive closing above 19181 and downtrend to continue on a consecutive closing below 18075 .
For today if Bank Nifty spot sustains above 18331 we can see a initial move upto 18419 & on sustaining above 18441 we may see further upmove till 18600. Similarly if Bank Nifty spot sustains below 18164 we may see a initial move on the downside upto 18077 & on sustaining below 18054 we may see further downmove till 17895
Bank Nifty Spot Levels for the day are
Long above 18331 for 18382 – 18441 – 18600 , SL 18222
Short below 18164 for 18113 – 18054 – 17895 , SL 18273
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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.