Bank Nifty spot opened at 19136.30 and made a low of 19002.45 , then went up till 19241.75 before closing at 19070.40 . Had mentioned long positions can be taken above 19092 and short positions can be taken below 18948 for the day. Bank Nifty triggered our long trade and completed 2 targets giving around 100+ points from the trade . Had been mentioning since some days that 'Incase we break the lows of 19059 of September and sustain then we have the next support now near 18975 - 18845 level ' and Bank Nifty made a low of 18824.40 and tested this level on Friday . If Bank Nifty breaks below 18975 - 18845 levels and sustains then we have a small support near 18715 - 18570 levels . IF Bank Nifty holds 18445 - 18975 levels then we may see a retest of 19315 - 19495 levels initially and on sustaining above it further till 19645 - 19730 resistance levels . If Bank Nifty manages to give a consecutive close above 19737 levels then we may test higher levels . Today Bank Nifty had broken above our weekly long confirmation level but could not close above it towards the end .
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 19142 we can see a initial move upto 19217 & on sustaining above 19236 we may see further upmove till 19372. Similarly if Bank Nifty spot sustains below 18999 we may see a initial move on the downside upto 18924 & on sustaining below 18905 we may see further downmove till 18769
Bank Nifty Spot Levels for the day are
Long above 19142 for 19186 – 19236 – 19372 , SL 19048
Short below 18999 for 18955 – 18905 – 18769 , SL 19092
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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.