Bank Nifty Spot Outlook for 17th Jul

BANK NIFTY

Bank Nifty spot opened at 23949.50 , made a low of 23755.95 , it made a high of 23963.65 before closing at 23937.70 .

Had mentioned that long positions can be taken above 23930 and short positions can be taken below 23848 .  Bank Nifty opened above our long trigger but did not complete any targets . Bank Nifty then reversed to trigger our short trade and completed 2 short targets for the day . Towards the end of session Bank Nifty again triggered our long trade and completed just 1 target . 

Now in the coming sessions Bank Nifty needs to break and sustain / close above 24025 to test 24160 - 24190 levels initially and above it we can see a test of 24285 - 24390 levels next . Similarly Bank Nifty on breaking and sustaining / closing below 23830 levels can see a test of 23715 - 23690 levels initially and below it we can see a test of 23590 - 23485 levels next . Those who are holding longs now should move up their trailing cbsl to 23830  . 

Bank Nifty Spot Levels for the day are

Long above 23980 for 24005 – 24035 – 24110 , SL 23925

Short below 23895 for 23870 – 23840 – 23765 , SL 23950

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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.