Bank Nifty Spot Outlook for 26th Jul

BANK NIFTY

In the previous session Bank Nifty spot opened at 26992.55 , it made a low of 26939.35 , then made a high of 27074 ,  before closing at 27031.30

Had mentioned that long trade for the day will get triggered on sustaining above 27040 and short trade for the day will get triggered on sustaining below 26905 . Bank Nifty triggered our long trade and did just 30 points today .Bank Nifty traded in a narrow range and we can expect it to give a bigger move now this week. 

Had mentioned in the previous post that " In the coming week Bank Nifty needs to break and sustain / close above 27050 to test 27240 - 27290 initially and above it we can see a test of 27450 - 27630 . Similarly Bank Nifty needs to break and sustain / close below 26695 to test 26505 - 26460 initially and below it we can see a test of 26295 - 26115.  Now in this week Bank Nifty has support near 26630 and resistance near 27200 and it has been trading in the range of 26630 - 27200 which needs to be broken and sustained on either side for a bigger move ." ,  Bank Nifty has been moving indecisively for the past couple of sessions inspite of Nifty moving positively and we can expect a bigger move now this week.

As mentioned earlier " For the month of July ,Bank Nifty longs will get confirmed with a consecutive close above 26715 for a initial target of 27080 - 27170 and sustaining / closing above it we can see a further test of 27485 - 27835 . Similarly , shorts will get confirmed with a consecutive close below  26015 for a initial target of 25650 - 25555 and sustaining / closing below it we can see a further move till 25240 - 24895 " . and we saw Bank Nifty complete our initial targets of 27080 - 27170 with a high of 27187.15 last week . Now in the coming session Bank Nifty has to sustain / close above 27170 for a further upmove till 27485 - 27835 else breaking and sustaining below 26805 we might see a move back to 26665 - 26630 .

Now in the coming session Bank Nifty needs to break and sustain above 27095 to test 27160 - 27175 initially and sustaining above it we can see a further upmove till 27235 - 27295. Similarly breaking and sustaining below 26970 we can see a test of 26905 - 26885 initially and breaking and sustaining below it we can see a further correction till 26830 - 26770 . 

Bank Nifty Spot Levels for the day are

Long above 27095 for 27130 - 27175 - 27295 , SL 27010

Short below 26970 for 26930 - 26885 -  26770 , SL 27050

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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.