Bank Nifty Spot Outlook for 10th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 28173.65 , it made a low of 28132 , then made a new lifetime high of 28363.40  before closing at 28320

Had mentioned that long trade for the day will get triggered on sustaining above 28135 and short trade for the day will get triggered on sustaining below 27985 . Bank Nifty triggered our long trade and did 225 points . 

As mentioned before " In the coming week Bank Nifty needs to break and sustain / close above 27910 to test 28135 - 28195 initially and above it we can see a test of 28385 - 28600 . Similarly Bank Nifty needs to break and sustain / close below 27480 to test 27255 - 27195 initially and below it we can see a test of 27005 - 26790." , and Bank Nifty on sustaining above 27910 made a high of 28363.40 near testing our next targets of 28385 - 28600 . 

 

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 . " , and  Bank Nifty has made a new life high of 28363.40 nearly testing our initial targets of 28405 - 28490 . Sustaining above 28195 in the coming sessions we can expect Bank Nifty to test 28405 - 28490 and if its fails to break and sustain / above above 28490 in the coming sessions then we can see a pullback till 28055 - 27955 . Those who are holding longs should book partially near 28405 - 28490 .

Now in the coming session Bank Nifty needs to break and sustain above 28395 to test 28475 - 28495 initially and sustaining above it we can see a further upmove till 28565 - 28645. Similarly breaking and sustaining below 28245 we can see a test of 28165 - 28145 initially and breaking and sustaining below it we can see a further correction till 28075 - 27995 

Bank Nifty Spot Levels for the day are

Long above 28395 for 28445 - 28495 - 28645 , SL 28295

Short below 28245 for 28195 - 28145 -  27995 , SL 28345

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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.