Bank Nifty spot opened at 19174.45 and made a low of 19096.70 , then went up till 19247.85 , before closing at 19217 . We had mentioned long positions can be taken above 19240 and short positions can be taken below 19152 for the day. Bank Nifty triggered our short trade and completed nearly 2 targets giving around 50 points from the short trade .Towards the end of session Bank Nifty triggered our long trade but did not complete any targets. As mentioned in the previous posts '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' . Today we saw Bank Nifty make a low of 19097 . Bank Nifty had been taking support near 18444 - 18537 levels before breaking above 19158 levels . As mentioned in the previous posts ' 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 ' and today we saw Bank Nifty make a low of 19133 and test our initial support zone . Had mentioned in the previous post that 'Now if Bank Nifty spot breaks and sustains below 19079 in the coming sessions then we may test initially a small support at 19007 - 18956 and once it sustains below these then it can test upto 18820 - 18700 levels' and today Bank Nifty took support just above 19079 and bounced back . We are yet to get a close below 19158 since it has broken out above it 8 sessions ago. Bank Nifty had been trading weak today comparted to the Nifty and we will need Bank Nifty to break and sustain above 19312 to go up further this week.
Had mentioned that '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.' Bank Nifty has now corrected nearly 396 points from the high made for this month.
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 19261 we can see a initial move upto 19308 & on sustaining above 19319 we may see further upmove till 19403. Similarly if Bank Nifty spot sustains below 19173 we may see a initial move on the downside upto 19126 & on sustaining below 19115 we may see further downmove till 19031
Bank Nifty Spot Levels for the day are
Long above 19261 for 19288 – 19319 – 19403 , SL 19203
Short below 19173 for 19146 – 19115 – 19031 , SL 19231
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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.