Bank Nifty spot opened at 18515.50 and made a high of 18588.75 , then went down till 17952.60 before closing at 18234.15 . Had mentioned that long positions can be taken above 18507 and short positions can be taken below 18335 for the day. Bank Nifty triggered our long trade for the day and completed just 1 target before and then took our TSL . On the announcement of RBI's no rate cut decision Bank Nifty went down to trigger our short trade and completed all targets within minutes not giving a chance to enter the trade as a majority were expecting a 0.25 to 0.50 basis points rate reducution . Had mentioned in the previous post ' Now Bank Nifty spot has initial resistance near 18505 - 18805 levels . We can expect a correction till 18185 - 18020 since Bank Nifty has been taking resistance near the resistance levels.' Further down move can be expected on a consecutive close below 18075 levels . Those who have taken long positions in Bank Nifty should keep a cbsl of 18025 spot. IF Bank Nifty breaks and sustains above 18505 - 18805 levels on closing then we can expect a bounce till 19020 - 19210 levels initially . We can expect the upmoves to be sold into till Bank Nifty does not give a consecutive close above 19181 levels .For this week If Bank Nifty confirms our weekly longs by sustaining / closing above 18468 we can expect Bank Nifty to face resistance near 18604 - 18700 levels initially .Closing above 18759 we can expect a move till 18960 - 19180 levels . We saw a good recovery in Bank Nifty by close of session after the quick dip post the no rate cut decision by RBI .
For the month of December we can expect uptrend in Bank Nifty spot on a consecutive closing above 19181 and downtrend to continue on a consecutive closing below 18075 .
For today if Bank Nifty spot sustains above 18315 we can see a initial move upto 18400 & on sustaining above 18422 we may see further upmove till 18575. Similarly if Bank Nifty spot sustains below 18154 we may see a initial move on the downside upto 18068 & on sustaining below 18047 we may see further downmove till 17893
Bank Nifty Spot Levels for the day are
Long above 18315 for 18365 – 18422 – 18575 , SL 18209
Short below 18154 for 18104 – 18047 – 17893 , SL 18259
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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.