Bank Nifty spot opened at 18979.10, made a high of 19044.45 , then went down till 18814.25 , before closing at 18860.85 . We had mentioned long positions can be taken above 19053 and short positions can be taken below 18927 for the day. Bank Nifty triggered our short trade and completed 2 targets giving us around 100 points. As have been mentioning in the previous posts '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 again Bank Nifty was unable to make a new high inpsite of Nifty making a new for this month . Those holding longs should again keep 18790 as TSL for their positions . If we break 18790 and sustain then again we see a test of our support zone of 18620 - 18520 and further correction would come only on breaking and sustaining below this zone . 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 . Had mentioned yesterday 'Now we would need to break and sustain above 19065 for the next weekly targets' and those would have shorted at todays high with this view would have gained more points .We may see a correction from 19155 - 19185 upto 18620 - 18520 levels if 18790 spot is broken and sustained tomorrow.
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 18926 we can see a initial move upto 18995 & on sustaining above 19012 we may see further upmove till 19136. Similarly if Bank Nifty spot sustains below 18790 we may see a initial move on the downside upto 18727 & on sustaining below 18710 we may see further downmove till 18586.
Bank Nifty Spot Levels for the day are
Long above 18926 for 18966 – 19012 – 19136 , SL 18841
Short below 18790 for 18756 – 18710 – 18586 , SL 18881
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.
Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss