Bank Nifty spot opened at 19115.90 and made a high of 19328.75 , then went down till 19009.85 before closing at 19087.85 . Had mentioned long positions can be taken above 19234 and short positions can be taken below 18982 for the day. Bank Nifty triggered our long trade and completed just 1 target and took our TSL . Bank Nifty should be watched now because if it also starts falling then Nifty can break the November low of 8002 . Also Nifty has now closed 480 points below our confirmation level to stay short for this month where as Bank Nifty is still only 120 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 19525 - 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 19213 we can see a initial move upto 19346 & on sustaining above 19380 we may see further upmove till 19620. Similarly if Bank Nifty spot sustains below 18962 we may see a initial move on the downside upto 18830 & on sustaining below 18796 we may see further downmove till 18556.
Bank Nifty Spot Levels for the day are
Long above 19213 for 19291 – 19380 – 19620 , SL 19125
Short below 18962 for 18885 – 18796 – 18556 , SL 19049
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.
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.