Bank Nifty spot opened at 19591.25 and made a high of 19611.90 , then went down till 19088.40 before closing at 19108.10 . Had mentioned long positions can be taken above 19418 and short positions can be taken below 19162 for the day. Bank Nifty triggered our long trade with a gap up by opening above our 2nd target therby not giving any chance to enter the trade . Later Bank Nifty triggered our short trade but could not complete any target .Bank Nifty had been showing a lot more strength than the Nifty and had been outperforming it in the past few days but today corrected by nearly 180 points while Nifty closed flat with a 3 point gain . Bank Nifty could under perform the Nifty for a day more to get a bit more aligned with Nifty before the next move . Also Nifty is trading 450 points below our confirmation level to stay short for this month where as Bank Nifty is still only 99 points below its levels for downtrend continuation for this month . IF Bank Nifty recovers to close above 19207 levels on closing we can expect a retest of 19840 levels and above that 20260 levels again . IF Bank Nifty continues to sustain below 19207 then we can see a test of the support at 18805 - 18505 .
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 19234 we can see a initial move upto 19367 & on sustaining above 19400 we may see further upmove till 19641. Similarly if Bank Nifty spot sustains below 18982 we may see a initial move on the downside upto 18849 & on sustaining below 18816 we may see further downmove till 18575
Bank Nifty Spot Levels for the day are
Long above 19234 for 19312 – 19400 – 19641 , SL 19069
Short below 18982 for 18905 – 18816 – 18575 , SL 19147
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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.