Bank Nifty spot opened at 18738.60 made a high of 18866.55 , then went down till 18671.85 , before closing at 18708.25 . We had mentioned long positions can be taken above 18808 and short positions can be taken below 18673 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 but immediately reversed and stayed above it . Its now 12 trading sessions since Bank Nifty made the high of 19158 in July and we saw Nifty make 6 new highs post that . Bank Nifty is due now to give a stronger move after spending good time in consolidation . Bank Nifty has immediate resistance at 19158 and above it near 19295 - 19340 levels . Bank Nifty has immedate support at 18611 - 18567 and below that at 18415 - 18250 levels .
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 18775 we can see a initial move upto 18845 & on sustaining above 18862 we may see further upmove till 18989. Similarly if Bank Nifty spot sustains below 18642 we may see a initial move on the downside upto 18572 & on sustaining below 18554 we may see further downmove till 18427
Bank Nifty Spot Levels for the day are
Long above 18775 for 18816 – 18862 – 18989 , SL 18688
Short below 18642 for 18601 – 18554 – 18427 , SL 18729
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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.