Bank Nifty spot opened at 20136.75 and made a high of 20137.55 , then went down till 19861.45, before closing at 19901.80 . Had mentioned long positions can be taken above 20183 and short positions can be taken below 20036 for the day. Bank Nifty opened with a mild gap up and then went down to trigger our short trade and completed more than 2 targets giving us nearly 100+ points from the short trade . 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 multiple times in the previous week . We have seen some support build near 19730 levels in the past 2 weeks. 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. Had mentioned that in the previous post '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' and had also mentioned in the previous post that 'Today Bank Nifty has also closed above our weekly long confirmation level of 20104 and also again above 20080 which is our trend continuation level . Now holding these levels in tomorrows session we can see further upmove to test the level mentioned.' , but we saw that Bank Nifty was not able to sustain or close above 20080 levels for a consecutive day .
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 19976 we can see a initial move upto 20054 & on sustaining above 20074 we may see further upmove till 20216. Similarly if Bank Nifty spot sustains below 19828 we may see a initial move on the downside upto 19749 & on sustaining below 19730 we may see further downmove till 19588 .
Bank Nifty Spot Levels for the day are
Long above 19976 for 20022 – 20074 – 20216 , SL 19879
Short below 19828 for 19782 – 19730 – 19588 , SL 19925
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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.