Bank Nifty spot opened at 18896.50 made a high of 19078.50 , then went down till 18634.40 , before closing at 18740.60 . We had mentioned long positions can be taken above 19016 and short positions can be taken below 18890 for the day. Bank Nifty triggered our long trade and completed just 1 targets giving around 40 points . Then Bank Nifty triggered our short trade and completed all 3 targets giving us nearly 240 points from the short trade. Had been repeating this since a few post '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' and we saw the small correction come today finally. Its now 11 trading sessions since Bank Nifty made the high of 19158 in July and we saw Nifty make 6 new highs post that . Had mentioned yesterday that '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' and Bank Nifty made a low of 18634.40 today itself . As per todays close Bank Nifty has confirmed weekly shorts now by closing below 18787 and if it sustains below 18850 - 18787 then we can expect further correction till 18611 - 18567 initially and below it we may go upto 18415 - 18250 levels as per our next weekly targets .
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 18808 we can see a initial move upto 18879 & on sustaining above 18897 we may see further upmove till 19026. Similarly if Bank Nifty spot sustains below 18673 we may see a initial move on the downside upto 18602 & on sustaining below 18584 we may see further downmove till 18456
Bank Nifty Spot Levels for the day are
Long above 18808 for 18850 – 18897 – 19026 , SL 18720
Short below 18673 for 18632 – 18584 – 18456 , SL 18761
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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.