Bank Nifty spot opened at 18245 and made a low of 18189.50 , then went up till 18434.25 before closing at 18408.90 . Had mentioned that long positions can be taken above 18331 and short positions can be taken below 18164 for the day. Bank Nifty triggered our long trade for the day and missed completing our 2nd target by 7 points. Had mentioned in the previous post ' 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.' , Bank Nifty made a low of 18189.50 today and reversed . Further down move can be expected on a consecutive close below 18075 levels . Those who have taken long positions in Bank Nifty should keep a cbsl of 18025 spot. IF Bank Nifty breaks and sustains above 18505 - 18805 levels on closing then we can expect a bounce till 19020 - 19210 levels initially . We can expect the upmoves to be sold into till Bank Nifty does not give a close above 19181 levels .For this week If Bank Nifty triggers our weekly longs by sustaining / closing above 18468 we can expect Bank Nifty to face resistance near 18604 - 18700 levels initially . Closing above 18759 we can expect a move till 18960 - 19180 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 18495 we can see a initial move upto 18585 & on sustaining above 18608 we may see further upmove till 18772. Similarly if Bank Nifty spot sustains below 18323 we may see a initial move on the downside upto 18233 & on sustaining below 18210 we may see further downmove till 18046
Bank Nifty Spot Levels for the day are
Long above 18495 for 18547 – 18608 – 18772 , SL 18382
Short below 18323 for 18270 – 18210 – 18046 , SL 18435
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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.