Bank Nifty spot opened at 19029.10 and made a high of 19062.20 , then went down till 18839.40, before closing at 19002.15 . We had mentioned long positions can be taken above 19036 and short positions can be taken below 18891 for the day. Bank Nifty triggered our long trade but did not complete any target and took our SL . It then triggered our short trade and completed just 1 target . It is now 20 trading sessions since Bank Nifty made the high of 19158 in July and we have seen Nifty make 7 new highs post that . Bank Nifty has been taking support near 18444 - 18537 levels and recovering since the past 2 weeks and for now one should watch the breaking of these levels for further correction . As have been mentioning ' Now Bank Nifty has immediate resistance at 19128 - 19158 levels where it has been taking resistance in the past 20 sessions and it needs to break and sustain above it to test upto 19295 - 19340 levels' . Had mentioned in the previous post that 'Bank Nifty has been trading in a range of 18444 - 19079 since the beginning of August series and we should now see a break of this range this week ' and today again Bank Nifty made a high of 19062 and took resistance near 19079 levels . We should see a break of this range this week. Bank Nifty has failed to break above 19158 this month so far and one should watch for the breaking of 19158 - 19297 zone for further upmove from here .
Incase Bank Nifty breaks above these levels but fails to sustain above them then we can see a retest of 18550 -18450 levels again . We need Bank Nifty spot to break and sustain above 19158 and also Nifty spot to break and sustain above 8742 this week to test higher 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 19075 we can see a initial move upto 19151 & on sustaining above 19171 we may see further upmove till 19309. Similarly if Bank Nifty spot sustains below 18930 we may see a initial move on the downside upto 18853 & on sustaining below 18834 we may see further downmove till 18695
Bank Nifty Spot Levels for the day are
Long above 19075 for 19119 – 19171 – 19309 , SL 19025
Short below 18930 for 18885 – 18834 – 18695 , SL 18980
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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.