It was a rare day today as even those who lost in the markets held their heads high with pride and walked with a smile on their faces .
Congratulations to the Indian Army for the Surgical Strike.
Bank Nifty spot opened at 19762.30 and made a high of 19793.20 , then went down till 19059.05, before closing at 19183.65 . Had mentioned long positions can be taken above 19716 and short positions can be taken below 19591 for the day. Bank Nifty opened above our 1st long target and reversed thereby not giving a chance to enter the long trade . Then Bank Nifty went down to trigger our short trade for the day and completed all our intraday short targets at 19389 and corrected further to complete our last short target for the week of 19072 by making a low of 19059 today . Had mentioned in the previous posts that 'We have seen some support build near 19730 levels in the past 2 weeks and we saw that support being taken out comfortably and Bank Nifty also closed below the immediate next supports at 19702 - 19605 , below which we can expect the next support of 19495 which is also our trend reversal level to be tested' , Once it sustains below 19495 then we may see it test the next supports of 19315 - 19185 levels. 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 'Now if Bank Nifty manages to hold on to 19495 we can see it go back and test 19702 - 19781 levels initially and above that we can see a test of 19850 - 19900 levels again ' and we saw Bank Nifty test 19793 levels and reverse today. Now Bank Nifty has immediate resistance at 19315 - 19495 levels . Bank Nifty has immediate support at 18975 - 18845 levels now.
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 19264 we can see a initial move upto 19349 & on sustaining above 19371 we may see further upmove till 19524. Similarly if Bank Nifty spot sustains below 19103 we may see a initial move on the downside upto 19018 & on sustaining below 18997 we may see further downmove till 18843
Bank Nifty Spot Levels for the day are
Long above 19264 for 19314 – 19371 – 19524 , SL 19159
Short below 19103 for 19054 – 18997 – 18843 , SL 19209
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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.