Bank Nifty spot opened at 17677.70 and made a low of 17616.10, then went up till 17907.35 before closing at 17879.55 . Had mentioned that long positions can be taken above 17691 and short positions can be taken below 17620 for the day . Bank Nifty triggered our long and completed all our targets . Had been mentioning since sometime 'Further downmove can be expected on a consecutive close below 18075 spot ' and Bank Nifty has given a further correction of 400+ points on closing / sustaining below it. Now Bank Nifty has initial resistance at 18075 and IF it closes / sustains above 18075 then we may see a test of the next resistance of 18285 . IF Bank Nifty breaks and sustains above 18505 - 18805 levels on closing then we can expect a bounce till 19020 - 19210 levels . Till Bank Nifty does not give a consecutive close above 19181 this month we can expect the upmoves 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. For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 17976 we can expect Bank Nifty to face resistance near 18032 - 18072 initially . Closing above 18097 we can expect a move till 18180 - 18272 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 17792 we can expect Bank Nifty to get some support near 17736 - 17696 initially . Closing below 17671 we can expect a move till 17588 - 17496 . We are now at a small support zone of 17750 - 17580 which if held then we can see a retest of 18075 - 18285 initially . Bank Nifty still has to break above 17976 to confirm weekly longs though Nifty has done it today by closing above 8020 , indicating that it is still under pressure and can drag Nifty down too if it is unable to break and sustain above 17976 .
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 17931 we can see a initial move upto 17985 & on sustaining above 18000 we may see further upmove till 18097. Similarly if Bank Nifty spot sustains below 17828 we may see a initial move on the downside upto 17774 & on sustaining below 17760 we may see further downmove till 17662
Bank Nifty Spot Levels for the day are
Long above 17931 for 17963 – 18000 – 18097 , SL 17864
Short below 17828 for 17796 – 17760 – 17662 , SL 17895
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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.