Bank Nifty spot opened at 19489.50 and made a high of 19501.45 , then went down till 19351.35, before closing at 19378.55 . Had mentioned long positions can be taken above 19479 and short positions can be taken below 19321 for the day. Bank Nifty triggered our long trade but could not complete any target and took our SL . Bank Nifty has been trading in a narrow range of 150 points since the last 2 days which is the narrowest range since the beginning of September for 2 consecutive days . As mentioned in the previous post Bank Nifty has support near 19185 levels which has held on closing basis expect for the day of the surgical strike when it closed 1 point lower . Incase we break the low of 19059 of September and sustain then we have the next support now near 18975 - 18845 level . Had mentioned in the previous posts 'Now Bank Nifty has resistance near 19315 - 19495 levels and once it breaks and sustains above it we can expect a test of 19645 - 19730 levels where it should face the next resistance' and Bank Nifty took resistance near 19730 and reversed back to retest the lower end of the support zone again of 19495 - 19315 . Bank Nifty had been taking support near 18444 - 18537 levels in the entire month of August & has managed to take support near 19050 levels in September . Bank Nifty needs to break above our trend continuation level of 19737 for this month and close consecutively above it to see a retest of 20080 levels again. If Bank Nifty breaks and sustains below 19315 then it has immediate support near 19185 - 19050 levels .
For the month of October we can expect uptrend in Bank Nifty spot on a consecutive closing above 19737 and downtrend to continue on a consecutive closing below 18835 .
For today if Bank Nifty spot sustains above 19457 we can see a initial move upto 19541 & on sustaining above 19562 we may see further upmove till 19712. Similarly if Bank Nifty spot sustains below 19300 we may see a initial move on the downside upto 19216 & on sustaining below 19195 we may see further downmove till 19045
Bank Nifty Spot Levels for the day are
Long above 19457 for 19506 – 19562 – 19712 , SL 19354
Short below 19300 for 19251 – 19195 – 19045 , SL 19403
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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.