Bank Nifty Spot Outlook for 09th Aug

BANK NIFTY

Bank Nifty spot opened at 24942.20 , made a high of 24966.05 , it made a low of 24534.35 , before closing at 24599.50 .

Had mentioned that long positions for the day can be taken above 24980 and short positions for the day can be taken below 24830 . Bank Nifty triggered our short trade and completed all our daily targets . Bank Nifty also triggered our weekly shorts and completed 2 targets .

Had mentioned in the previous post " Now in the coming sessions Bank Nifty needs to break and sustain / close above 25025 for a test of 25235 - 25390 initially and above it we can see a further move till  25470 - 25670 . Similarly on sustaining / closing below 24630 we can see a test of 24420 - 24365 initially and further below it we can see a further test of 24185 - 23985 . Those who are looking to enter fresh longs on small dips should keep a strict cbsl of 24630 now . Any shorts taken this week should be exited on sustaining above 25030 .", and today Bank Nifty made a low of 24534.35 below 24630 and also closed below it . Now sustaining below 24630 in the coming session we can see a test of 24420 - 24365 initially and further below it we can see a test of 24185 - 23985  next .

Bank Nifty Spot Levels for the day are

Long above 24685 for 24735 – 24795 – 24950 , SL 24575

Short below 24515 for 24465 – 24405 – 24250 , SL 24625

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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.