Bank Nifty spot opened at 18354.10 and made a low of 18291.35 , then went up till 18492.85 before closing at 18466.05 . Had mentioned that long positions can be taken on sustaining above 18485 and short positions can be taken on sustaining below 18300 for the day. Bank Nifty triggered our short trade but did not sustain and immediately reversed. Bank Nifty triggered our long trade later but did not sustain above it either. Had been mentioning since sometime 'Further downmove can be expected on a consecutive close below 18075 spot .Now Bank Nifty spot has initial resistance near 18505 - 18805 levels' and Bank held on to our cbsl of 18075 and has now made a high of 18740 . IF Bank Nifty breaks and sustains above 18505 - 18805 levels on closing then we can expect a bounce till 19020 - 19210 levels initially . Till Bank Nifty does not give a consecutive close above 19181 this month we can expect this upmove to be sold into . Also had mentioned in the previous post 'For this week If Bank Nifty confirms our weekly longs by sustaining / closing above 18915 we can expect Bank Nifty to face resistance near 19045 - 19140 levels initially .Closing above 19200 we can expect a move till 19380 - 19500 levels. If Bank Nifty confirms our weekly shorts by sustaining / closing below 18480 we can expect Bank Nifty to get some support near 18345 - 18250 initially . Closing below 18195 we can expect a move till 17995 - 17785. So far Bank Nifty has been holding on to its support of 18345 - 18250 . Bank Nifty has been taking resistance in the range of 18505 - 18805 levels and reversing and it needs to break and close above this level for further upmove. Till Bank Nifty does not give a consecutive close below 18075 we can expect the downmoves to get bought into .
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 18540 we can see a initial move upto 18620 & on sustaining above 18640 we may see further upmove till 18780. Similarly if Bank Nifty spot sustains below 18390 we may see a initial move on the downside upto 18315 & on sustaining below 18295 we may see further downmove till 18150
Bank Nifty Spot Levels for the day are
Long above 18540 for 18585 – 18640 – 18780 , SL 18440
Short below 18390 for 18345 – 18295 – 18150 , SL 18490
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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.