Bank Nifty spot opened at 18037.45 and made a high of 18092.85, then went down till 17868.90 before closing at 17891 . Had mentioned that long positions can be taken above 18097 and short positions can be taken below 17974 for the day . Bank Nifty triggered our short trade and completed 2 targets . Had mentioned last week that 'Now Bank Nifty has initial resistance at 18075 and IF it closes / sustains above 18075 then we may see a test of the next resistance of 18285 and so far Bank Nifty has been unable to close above 18075 . Above 18285 Bank Nifty has its next resistance at 18505 - 18805 levels where it has been taking resistance the entire month of December . On closing above these levels we can expect a bounce till 19020 - 19210 levels . Till Bank Nifty does not give a consecutive close above 18506 this month we can expect the upmoves to be sold into . For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 18336 we can expect Bank Nifty to face resistance near 18434 - 18504 initially . Closing above 18546 we can expect a move till 18691 - 18849 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 18019 we can expect Bank Nifty to get some support near 17920 - 17850 initially .Closing below 17808 we can expect a move till 17664 - 17505 . Today once again we saw Bank Nifty test the lower end of our initial weekly support levels of 17920 - 17850 by making a low of 17868.90 . As long as Bank Nifty is sustaining / closing below 18079 it is weak . Further correction will be seen once Bank Nifty breaks and sustains below 17808 now. For now Bank Nifty is trading in a range of 17800 - 18350 and it needs to break and sustain this range for a bigger move on any side .
For the month of January we can expect uptrend in Bank Nifty spot on a consecutive closing above 18506 and downtrend to continue on a consecutive closing below 17848 .
For today if Bank Nifty spot sustains above 17950 we can see a initial move upto 18013 & on sustaining above 18028 we may see further upmove till 18141 . Similarly if Bank Nifty spot sustains below 17832 we may see a initial move on the downside upto 17769 & on sustaining below 17754 we may see further downmove till 17640
Bank Nifty Spot Levels for the day are
Long above 17950 for 17987 – 18028 – 18141 , SL 17873
Short below 17832 for 17795 – 17754 – 17640 , SL 17909
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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.