Bank Nifty Spot Outlook for 03rd Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 27469.50 , it made a high of 27487.90 , then made a low of 27327.95 ,  before closing at 27355.95.

Had mentioned that long trade for the day will get triggered on sustaining above 27655 and short trade for the day will get triggered on sustaining below 27535 . Bank Nifty triggered our short trade and did 200 points .

Had mentioned in the previous post " In the coming week Bank Nifty needs to break and sustain / close above 27805 to test 27990 - 28035 initially and above it we can see a test of 28195 - 28365 . Similarly Bank Nifty needs to break and sustain / close below 27460 to test 27275 - 27230 initially and below it we can see a test of 27075 - 26980." , and today Bank Nifty triggered our weekly short trade and we can expect a test of 27275 - 27230 initially. 

In July Bank Nifty triggered our monthly longs above 26715 and made a high of 27873.70 testing our last targets of 27485 - 27835 giving us 1150 points from the positional trade .

 

Had mentioned in the previous post " For the month of August ,Bank Nifty longs will get confirmed with a consecutive close above 28075 for a initial target of 28405 - 28490 and sustaining / closing above it we can see a further test of 28775 - 29085 . Similarly , shorts will get confirmed with a consecutive close below  27450 for a initial target of 27125 - 27040 and sustaining / closing below it we can see a further move till 26755 - 26445 . Bank Nifty currently has resistance near 27955 - 28075 and it needs to break and sustain / close above it for further upmove else we might pull back till 27570 - 27460 initially ." , and today Bank Nifty made a low of 27327.95 

Now in the coming session Bank Nifty needs to break and sustain above 27430 to test 27505 - 27525 initially and sustaining above it we can see a further upmove till 27590 - 27665. Similarly breaking and sustaining below 27285 we can see a test of 27205 - 27190 initially and breaking and sustaining below it we can see a further correction till 27120 - 27050 . 

Bank Nifty Spot Levels for the day are

Long above 27430 for 27475 - 27525 - 27665 , SL 27335

Short below 27285 for 27240 - 27190 -  27050 , SL 27380

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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.