Bank Nifty spot opened at 19358.70 and made a high of 19392.20, then went down till 19284.35 , before closing at 19355.60 . We had mentioned long positions can be taken above 19410 and short positions can be taken below 19273 for the day. Bank Nifty traded the whole day between our long and short trigger levels today indicating lack of direction . As mentioned in the previous post 'Now we need to see Nifty break and sustain above 8735 spot to enable Bank Nifty to continue this upmove and if Nifty does not break above 8735 - 8742 levels then we may see Bank Nifty also witnessing profit booking and testing 19000 levels again' . Bank Nifty has been taking support near 18444 - 18537 levels and recovering since the past 3 weeks and for now one should watch the breaking of these levels for further correction . Since breaking above 19297 Bank Nifty has been taking support near 19237 which is our confirmation level for weekly shorts and now one should watch breaking and sustaining below it this week for a test of 19128 - 19158 levels where the next support exists . As have been mentioning in the previous post of last week ' Now Bank Nifty has immediate resistance at 19128 - 19158 levels where it has been taking resistance in the past 21 sessions and it needs to break and sustain above it to test upto 19295 - 19340 levels' which has been done and held since the past 4 sessions . Trend continuation in Bank Nifty for this series was on consecutive close above 19297 and now holding these levels we can see it test 19600 - 19800 levels initially . Patience of traders are being tested by the narrow moves which becoming narrower each day and we should see a break of this range this week.
Bank Nifty has been sustaining above 19297 levels now but will not be able to do so for long if Nifty does not support it by breaking and sustaining above 8735 - 8742 levels. Nifty spot now needs 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 19408 we can see a initial move upto 19462 & on sustaining above 19476 we may see further upmove till 19575. Similarly if Bank Nifty spot sustains below 19304 we may see a initial move on the downside upto 19249 & on sustaining below 19235 we may see further downmove till 19136
Bank Nifty Spot Levels for the day are
Long above 19408 for 19440 – 19476 – 19575 , SL 19340
Short below 19304 for 19272 – 19235 – 19136 , SL 19372
Expected expiry Range is
Upper Level - 19492
Lower Level - 19219
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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.