Bank Nifty spot opened at 19902.70 and made a high of 19937.85 , then went down till 19749.95, before closing at 19828.45. Had mentioned long positions can be taken above 19912 and short positions can be taken below 19792 for the day. Bank Nifty triggered our long trade but did not complete any targets and took our SL and then triggered our short trade and completed just 1 target . Had mentioned in the previous posts 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 has managed to hold the support levels after testing it 4 times in the previous week . We have seen some support build near 19730 levels in the week gone by. Now we have immediate supports at 19702 - 19605 and if Bank Nifty breaks and sustains below this zone then the next support is at 19495 which is also our trend reversal level . Once it sustains below 19495 then we may see it test the next supports of 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. Now Bank Nifty has immediate resistance again at 20080 which is our trend continuation level and closing or sustaining above it we can expect Bank Nifty to again test 20467 - 20505 levels and once it closes above this zone we may see higher levels this month. After trading in a tight range the entire week so far we should see a bigger move with the BOJ & Fed events getting over .
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 19888 we can see a initial move upto 19952 & on sustaining above 19967 we may see further upmove till 20082. Similarly if Bank Nifty spot sustains below 19769 we may see a initial move on the downside upto 19705 & on sustaining below 19689 we may see further downmove till 19575 . Once the last targets are achieved for the day , follow the weekly levels for the next targets.
Bank Nifty Spot Levels for the day are
Long above 19888 for 19925 – 19967 – 20082 , SL 19810
Short below 19769 for 19732 – 19689 – 19575 , SL 19847
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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.