Bank Nifty Spot Outlook for 20th Jun

BANK NIFTY

In the previous session Bank Nifty spot opened at 26448.10 which was also the high , it made a low of 26224.75 ,  before closing at 26265.75

Had mentioned that long trade for the day will get triggered on sustaining above 26450 and short trade for the day will get triggered on sustaining below 26370 . Bank Nifty triggered the short trade and did around 125 points.

Had mentioned in the weekly post " In the coming week Bank Nifty needs to break and sustain / close above 26520 to test 26625 - 26665 initially and above it we can see a test of 26750 - 26850 . Similarly Nifty needs to break and sustain / close below 26315 to test 26210 - 26180 initially and below it we can see a test of 26090 - 25985. " , and today Bank Nifty confirmed our weekly shorts and tested our initial weekly short targets . Now in the coming sessions Bank Nifty needs to sustain / close below 26180 to test our next targets .

Had also mentioned " For the month of June ,Bank Nifty longs will get confirmed with a consecutive close above 27560 for a initial target of 28195 - 28360 and sustaining / closing above it we can see a further test of 28905 - 29510 . Similarly , shorts will get confirmed with a consecutive close below  26350 for a initial target of 25715 - 25555 and sustaining / closing below it we can see a further move till 25010 - 24405 ." , and today Bank Nifty has given a close below 26350 and we need a consecutive close now for the monthly shorts to get triggered. 

Now in the coming session Bank Nifty needs to break and sustain above 26305 to test 26350 - 26360 initially and sustaining above it we can see a further upmove till 26400 - 26440. Similarly breaking and sustaining below 26225 we can see a test of 26180 - 26170 initially and breaking and sustaining below it we can see a further correction till 26135 - 26095 . 

Bank Nifty Spot Levels for the day are

Long above 26305 for 26335 - 26360 - 26440 , SL 26255

Short below 26225 for 26200 - 26170 -  26090 , SL 26275

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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.