Bank Nifty spot opened at 19295.55 which was also the high for the day , then went down till 18824.40, before closing at 18954.25 . Had mentioned long positions can be taken above 19457 and short positions can be taken below 19300 for the day. Bank Nifty triggered our short trade and completed all our daily targets . Bank Nifty also triggered our weekly shorts and completed 4 targets giving us around 425+ points from the short trade for the day . Had mentioned in the previous post that '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' which was indicating a big move coming. 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' and today Bank Nifty has closed well below it . Also have been mentioning since a couple of days that 'Incase we break the low of 19059 of September and sustain then we have the next support now near 18975 - 18845 level' and today we saw a quick further 200 points fall to test these levels once Bank Nifty broke 19059 . 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 now all the way to test 18845 levels . Bank Nifty had been taking support near 18444 - 18537 levels in the entire month of August and this zone should be watched now. 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 below 18975 - 18845 levels to test 18444 - 18537 and takes support around these levels then we may see a retest of 19185 levels initially and above it till 19315 - 19495
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 19042 we can see a initial move upto 19135 & on sustaining above 19158 we may see further upmove till 19326. Similarly if Bank Nifty spot sustains below 18866 we may see a initial move on the downside upto 18774 & on sustaining below 18750 we may see further downmove till 18583
Bank Nifty Spot Levels for the day are
Long above 19042 for 19096 – 19158 – 19326 , SL 18927
Short below 18866 for 18813 – 18750 – 18583 , SL 18981
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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.