Bank Nifty spot opened at 18342.60 and made a low of 18336.95 , then went up till 18558.75 before closing at 18515.45 . Had mentioned that long positions can be taken above 18315 and short positions can be taken below 18154 for the day. Bank Nifty triggered our long trade at opening and missed completing our last target for the day by 17 points . Today Bank Niftys move was a bit subdued in comparison to Nifty. Had been mentioning since sometime ' 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 are holding long positions in Bank Nifty should now move their cbsl to 18380 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 . As mentioned since the beginning of this week '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 .
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 18600 we can see a initial move upto 18690 & on sustaining above 18710 we may see further upmove till 18870. Similarly if Bank Nifty spot sustains below 18430 we may see a initial move on the downside upto 18345 & on sustaining below 18320 we may see further downmove till 18160
Bank Nifty Spot Levels for the day are
Long above 18600 for 18650 – 18710 – 18870 , SL 18490
Short below 18430 for 18380 – 18320 – 18160 , SL 18540
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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.