Bank Nifty spot opened at 20033.85 and made a high of 20309.65 , then went down till 19704.35 before closing at 19738.80 . Had mentioned long positions can be taken above 20302 and short positions can be taken below 20099 for the day. Bank Nifty opened with gap down of over 150 points near our 1st short target and reversed to go and test our long trigger taking our SL for shorts . Then it again triggered our short trade and completed all targets. Bank Nifty has been showing a lot more strength than the Nifty and has been outperforming it in the past few days . Nifty is down by 137 points compared to last Fridays close and Bank Nifty is up by 680 points . Bank Nifty did not give a consecutive close above 19840 levels . Further upmove now in Bank Nifty can be expected only on closing or sustaining above 20260 levels once 19840 levels are sustained . This outperformance by Bank Nifty cant be sustained if Nifty does not try catching up with a few other sectors also supporting .
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 19857 we can see a initial move upto 19981 & on sustaining above 20013 we may see further upmove till 20238. Similarly if Bank Nifty spot sustains below 19621 we may see a initial move on the downside upto 19496 & on sustaining below 19465 we may see further downmove till 19240
Bank Nifty Spot Levels for the day are
Long above 19857 for 19929 – 20013 – 20238 , SL 19702
Short below 19621 for 19548 – 19465 – 19240, SL 19775
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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.