Bank Nifty spot opened at 19063.80 and made a high of 19075.95 , then went down till 18351.25 before closing at 18446.40 . Had mentioned long positions can be taken above 19084 and short positions can be taken below 18834 for the day. Bank Nifty triggered our short trade and completed all our targets . As mentioned in the previous posts 'Bank Nifty should be watched now because if it also starts falling then Nifty can break the November low of 8002' and today we saw that happening . Also had mentioned ' 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' .Today we saw Bank Nifty break and close below this support and IF it sustains or gives a consecutive close below it then we can expect a further correction till 18185 - 18020 . IF Bank Nifty holds on to 18505 on closing then we can expect a bounce till 19020 - 19210 levels initially and above that till 19315 - 19495 levels. We are entering the expiry week for November series in F&O and we can expect some swings.
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 18574 we can see a initial move upto 18708 & on sustaining above 18742 we may see further upmove till 18985. Similarly if Bank Nifty spot sustains below 18319 we may see a initial move on the downside upto 18185 & on sustaining below 18151 we may see further downmove till 17910.
Bank Nifty Spot Levels for the day are
Long above 18574 for 18652 – 18742 – 18985 , SL 18486
Short below 18319 for 18241 – 18151 – 17910 , SL 18407
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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.