Bank Nifty spot opened at 19047.05 made a high of 19070.15 , then went down till 18912.60 , before closing at 18953.15 . We had mentioned long positions can be taken above 19138 and short positions can be taken below 19015 for the day. Bank Nifty triggered our short trade and completed 2 targets giving around 80 points . Have been mentioning since quite some time in my posts that since Bank Nifty had initially outperformed we see a small correction come if we dont get a consecutive close above 19155 . Its now 10 trading sessions since Bank Nifty made the high if 19158 in July and we saw Nifty make new monthly highs till the expiry day of July series post that . For the weekly and monthly closing Bank Nifty spot failed to give us a close above 19000 . If Bank Nifty breaks and sustains above 19158 then we may see a further upmove till 19295 - 19340 spot levels. We may see a correction till 18790 and below it till 18611 levels before moving up further if Bank Nifty does not break above 19158 this week.
Trend reversal in Bank Nifty for this series would be consecutive closing below 18609 and trend continuation would be on consecutive closing above 19297 spot .
For today if Bank Nifty spot sustains above 19016 we can see a initial move upto 19082 & on sustaining above 19099 we may see further upmove till 19219. Similarly if Bank Nifty spot sustains below 18890 we may see a initial move on the downside upto 18824 & on sustaining below 18807 we may see further downmove till 18687
Bank Nifty Spot Levels for the day are
Long above 19016 for 19055 – 19099 – 19219 , SL 18934
Short below 18890 for 18852 – 18807 – 18687 , SL 18973
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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.