Bank Nifty Spot Outlook for 17th Aug

BANK NIFTY

Bank Nifty spot opened at 24188.75 , made a low of 23947.45 , it made a high of 24461.20 , before closing at 24437.70 .

Had mentioned that long positions for the day can be taken above 24185 and short positions for the day can be taken below 24045 . Bank Nifty initially triggered our short trade for the day and completed 2 targets and then took out TSL . It then triggered our long trade and completed all our long targets for the day giving 250 points from the long trade . Bank Nifty had also triggered our weekly longs in the previous session and today completed 4 weekly long targets . 

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 23920 can test 23835 - 23815 and on sustaining below it we can see a further test of 23640 - 23595 next . Similarly in the coming session Bank Nifty breaking and sustaining above 24050 we can see a test of 24135 - 24155 initially and breaking and sustaining above it we can see a further move till 24330 - 24375 next . "  , Bank Nifty initially gave a dip till 23947 which was good opportunity to take fresh longs as correction was to begin below 23920 and it made a high of 24461.20 before closing at 24437.70  .  Now in the coming session Bank Nifty breaking and sustaining below 24350 can test 24260 - 24235 and on sustaining below it we can see a further test of 24155 - 24070 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24525 we can see a test of 24615 - 24640 initially and breaking and sustaining above it we can see a further move till 24720 - 24810 next .

Bank Nifty Spot Levels for the day are

Long above 24525 for 24580 – 24640 – 24810 , SL 24410

Short below 24350 for 24295 – 24235 – 24065 , SL 24465

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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.