Bank Nifty spot opened at 18124.60 and made a high of 18167.15, then went down till 18043.95 before closing at 18084.50 . Had been mentioning since sometime 'Further downmove can be expected on a consecutive close below 18075 spot .Now Bank Nifty spot has initial resistance near 18505 - 18805 levels' bank Nifty had given a close just 6 points below 18075 in the previous session and today we needed a consecutive close below it to confirm continuation of the downtrend but have got a close just 10 points above 18075 . If it us unable to give a consecutive close then we may see a retest of 18505 - 18805 zone . IF Bank Nifty breaks and sustains above 18505 - 18805 levels on closing then we can expect a bounce till 19020 - 19210 levels initially . Till Bank Nifty does not give a consecutive close above 19181 this month we can expect this upmove to be sold into . Bank Nifty has been taking resistance in the range of 18505 - 18805 levels and reversing and it needs to break and close above this level for further upmove. Till Bank Nifty does not give a consecutive close below 18075 we can expect the downmoves to get bought into . For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 18490 we can expect Bank Nifty to face resistance near 18595 - 18670 initially . Closing above 18720 we can expect a move till 18875 - 19050 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 18140 we can expect Bank Nifty to get some support near 18030 - 17955 initially . Closing below 17910 we can expect a move till 17750 - 17580 . We have seen Bank Nifty make a low of 18010 till now this week and now for further correction Bank Nifty needs to break and sustain below 17910.
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 18136 we can see a initial move upto 18191 & on sustaining above 18205 we may see further upmove till 18305. Similarly if Bank Nifty spot sustains below 18030 we may see a initial move on the downside upto 17978 & on sustaining below 17965 we may see further downmove till 17865
Bank Nifty Spot Levels for the day are
Long above 18136 for 18168 – 18205 – 18305 , SL 18069
Short below 18033 for 18001 – 17965 – 17865 , SL 18100
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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.