Bank Nifty spot opened at 18143.50 and made a low of 18122.10 , then went up till 18532 before closing at 18401.15. Fed has finally increased the rates by 0.25 after delaying it for so long and now markets should take a clear direction with the event out of the way . 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' .Bank has so far held on to our cbsl of 18075 and if it continues to hold it then we should see a retest of 18505 - 18805 zone . 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 . Bank Nifty broke below 18195 but did not sustain for long and closed well above and if it holds the same we can expect a test of upto 18805 again.
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 18470 we can see a initial move upto 18540 & on sustaining above 18560 we may see further upmove till 18690. Similarly if Bank Nifty spot sustains below 18330 we may see a initial move on the downside upto 18260 & on sustaining below 18240 we may see further downmove till 18110
Bank Nifty Spot Levels for the day are
Long above 18470 for 18510 – 18560 – 18690 , SL 18380
Short below 18330 for 18290 – 18240 – 18110 , SL 18425
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