Bank Nifty spot opened at 19861.45 which was also the high for the day , then went down till 19735.55 , before closing at 19790.60. Had mentioned long positions can be taken above 20324 and short positions can be taken below 20166 for the day. Bank Nifty opened below our last target for the day and went down further by around 175 points giving no chance to enter as per our daily levels . Those who would have followed the weekly levels would have entered near 19815 and got only 60 points . Had mentioned in the previous post that 'After the outperformance we have seen from Bank Nifty we can expect a couple of days of sideways movement before the next big move'. Also had mentioned that 'Now Bank Nifty spot has a small support near 19815 - 19759 levels below 20080' and Bank Nifty as closed between this range . Now we have immediate supports at 19605 - 19495 and if Bank Nifty breaks and sustains below 19495 which is also our trend reversal level then the next supports are at 19315 - 19185 . Also Bank Nifty has been taking support near 18444 - 18537 levels in the entire August month so this should provide strong support incase of a deeper correction. Had mentioned in the previous post that 'Bank Nifty outperformed the Nifty by a good margin and is now at a crucial level as it now needs to sustain above 20467 - 20505 to test higher levels this week' and Bank Nifty failed to close above this range after having broken it a few times . As mentioned in the previous post 'Those who are still holding longs from 19297 levels should keep a TSL at 20260 for their existing positions' and Nifty had closed below it on Friday . Now Nifty and Bank both have closed well below their trend continuation levels and are close to their respective trend reversal levels .
Trend reversal in Bank Nifty for this series would be consecutive closing below 19495 and trend continuation would be on consecutive closing above 20080 spot .
For today if Bank Nifty spot sustains above 19894 we can see a initial move upto 20003 & on sustaining above 20030 we may see further upmove till 20227. Similarly if Bank Nifty spot sustains below 19687 we may see a initial move on the downside upto 19578 & on sustaining below 19551 we may see further downmove till 19354
Bank Nifty Spot Levels for the day are
Long above 19894 for 19957 – 20030 – 20227 , SL 19759
Short below 19687 for 19624 – 19551 – 19354 , SL 19822
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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.