Bank Nifty spot opened at 18417.90 and made a high of 18428.45 , then went down till 18268.30 before closing at 18312.80. 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 Nifty 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 . 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 this week if Bank Nifty confirms our weekly longs by sustaining / closing above 18490 we can expect Bank Nifty to face resistance near 18595 - 18670 initially . Closing above 18720 we can expect a move till 18875 - 19050 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 18140 we can expect Bank Nifty to get some support near 18030 - 17955 initially . Closing below 17910 we can expect a move till 17750 - 17580 .
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 18380 we can see a initial move upto 18450 & on sustaining above 18465 we may see further upmove till 18590. Similarly if Bank Nifty spot sustains below 18245 we may see a initial move on the downside upto 18180 & on sustaining below 18160 we may see further downmove till 18035
Bank Nifty Spot Levels for the day are
Long above 18380 for 18420 – 18465 – 18590 , SL 18290
Short below 18245 for 18205 – 18160 – 18035 , SL 18330
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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.