Bank Nifty spot opened at 18986.75 made a high of 19028.70 , then went down till 18896, before closing at 18939.45 . We had mentioned long positions can be taken above 18989 and short positions can be taken below 18863 for the day. Bank Nifty triggered our long trade at opening and completed just 1 target . It is now 15 trading sessions since Bank Nifty made the high of 19158 in July and we have seen Nifty make 6 new highs post that including one more in todays session. For now Bank Nifty has taken support above 18415 - 18250 levels and recovered . We had mentioned in the previous post that 'If Bank Nifty holds and sustains above 18609 then we should see it move till 18850 - 19065 levels again' which is nearly done now . Now Bank Nifty has immediate resistance at 19128 - 19158 levels where it has been taking resistance in the past 15 sessions and it needs to break and sustain above it to test upto 19295 - 19340 levels . Tomorrow we have RBI policy review and there is no rate cut expectations this time .
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 19001 we can see a initial move upto 19065 & on sustaining above 19082 we may see further upmove till 19199. Similarly if Bank Nifty spot sustains below 18878 we may see a initial move on the downside upto 18814 & on sustaining below 18797 we may see further downmove till 18680
Bank Nifty Spot Levels for the day are
Long above 19001 for 19038 – 19082 – 19199 , SL 18921
Short below 18878 for 18841 – 18797 – 18680 , SL 18958
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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.