Bank Nifty spot opened at 19490.75 and made a high of 19549.45 , went down till 19322.15 before closing at 19500.80 . Had mentioned long positions can be taken above 19421 and short positions can be taken below 19290 for the day. Bank Nifty opened with a gap up near our 2nd target and did not give any chance to enter at opening . Bank Nifty later went below our SL and again triggered our long trade and completed 2 targets . Also Bank Nifty has closed just above our weekly levels to stay long . Had mentioned in the previous post that ' Bank Nifty holding 19010 levels can retest 19315 - 19495 levels initially above 19207 where the downtrend for this month got confirmed ' and today we saw it break above these levels and also close just above it .Below 19010 levels Bank Nifty has good support near 18805 - 18505 levels incase of further correction . Deeper correction can be expected only if we get a close below 18505 . If Bank Nifty sustains above 19495 then we can see a move till 19645 - 19730 levels .
For the month of November we can expect uptrend in Bank Nifty spot on a consecutive closing above 19840 and downtrend to continue on a consecutive closing below 19207 .
For today if Bank Nifty spot sustains above 19557 we can see a initial move upto 19616 & on sustaining above 19631 we may see further upmove till 19737. Similarly if Bank Nifty spot sustains below 19445 we may see a initial move on the downside upto 19386 & on sustaining below 19371 we may see further downmove till 19264
Bank Nifty Spot Levels for the day are
Long above 19557 for 19591 – 19631 – 19737 , SL 19484
Short below 19445 for 19410 – 19371 – 19264 , SL 19518
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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.