Bank Nifty spot opened at 19827.50 and made a low of 19797.45 , then went up till 20283.15 before closing at 20200.25 . Had mentioned long positions can be taken above 19574 and short positions can be taken below 19462 for the day. Bank Nifty opened with gap up of over 300 points and also above our last long target not giving any entry . Bank Nifty traded above the monthly levels to stay long and also closed well above it . Bank Nifty has been showing a lot more strength than the Nifty and has been outperforming it in the past few . Nifty is up by 90 points compared to Fridays close and Bank Nifty is up by 1100+ points which is remarkable . Further upmove now in Bank Nifty can be expected only on closing or sustaining above 20260 levels .Tomorrow we have our weekly close too and we need to see if Bank Nifty can sustain at these levels and pull Nifty up or will it see profit booking and try matching up with Nifty . This outperformance by Bank Nifty cant be sustained if Nifty does not try catching up with a few other sectors also supporting . Need to see if Bank Nifty can manage to give a consecutive close above 19840 levels tomorrow.
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 20302 we can see a initial move upto 20409 & on sustaining above 20437 we may see further upmove till 20631. Similarly if Bank Nifty spot sustains below 20099 we may see a initial move on the downside upto 19991 & on sustaining below 19964 we may see further downmove till 19770
Bank Nifty Spot Levels for the day are
Long above 20302 for 20365 – 20437 – 20631 , SL 20169
Short below 20099 for 20036 – 19964 – 19770, SL 20232
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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.