Bank Nifty spot opened at 18594.95, made a low of 18572.10 , then went up till 19035.35 , before closing at 18989.60 . We had mentioned long positions can be taken above 18751 and short positions can be taken below 18630 for the day. Bank Nifty opened below our short trade levels and reversed from below 1st target . From there Bank Nifty went on to trigger our long trade and achieved all 3 targets and more giving us nearly 250+ points with TSL . Had mentioned in the last post that 'Bank Nifty has outperformed for the last few days and we may see a small correction come if we do not get a consecutive close above 19155' . Bank Nifty high till now for this month is 19158 . Today though Nifty made a new high for this month, Bank Nifty is yet to do the same . Had also mentioned that Bank Nifty had taken support on Friday within our support zone of 18620 - 18520 and further correction would come only on breaking and sustaining below this zone . Bank Nifty had closed below the TSL for longs of 18790 on the last 2 days and today it moved up sharply on sustaining above it . Had also mentioned in the previous post ' As of now breaking and sustaining below 18620 - 18520 levels we can expect next support coming near 18370 - 18200 levels on Bank Nifty spot and breaking and sustaining above 19155 - 19185 we can expect next resistance near 19240 - 19350 . Those looking to go long on a correction till 18200 should keep a cbsl of 18170 spot and those looking to short near 19240 - 19350 should do so with a cbsl of 19380 spot . Today Bank Nifty also completed 4 targets as per our weekly levels but failed to close above our levels to stay long . Now we would need to break and sustain above 19065 for the next weekly targets.
Trend reversal in Bank Nifty for this series would be consecutive closing below 17500 and trend continuation would be on consecutive close above 18371 spot .
For today if Bank Nifty spot sustains above 19053 we can see a initial move upto 19119 & on sustaining above 19136 we may see further upmove till 19256. Similarly if Bank Nifty spot sustains below 18927 we may see a initial move on the downside upto 18860 & on sustaining below 18843 we may see further downmove till 18723
Bank Nifty Spot Levels for the day are
Long above 19053 for 19092 – 19136 – 19256 , SL 18970
Short below 18927 for 18888 – 18843 – 18723 , SL 19009
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss