Bank Nifty Spot Outlook for 14th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 27760.80 , it made a high of 27911.85 , then made a low of 27739.50 before closing at 27794.40

Had mentioned that long trade for the day will get triggered on sustaining above 28205 and short trade for the day will get triggered on sustaining below 28045 . Bank Nifty triggered our short trade and did 150 points . 

As mentioned in the previous post " In the coming week Bank Nifty needs to break and sustain / close above 28335 to test 28555 - 28615 initially and above it we can see a test of 28805 - 29015 . Similarly Bank Nifty needs to break and sustain / close below 27915 to test 27690 - 27635 initially and below it we can see a test of 27445 - 27235.", Bank Nifty triggered our weekly shorts and we can see a test of our initial targets at 27690 - 27635 in the coming sessions. 

 

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 28377.90 nearly testing our initial targets of 28405 - 28490 and reversed to take our positional cbsl at 27860 as mentioned in the weekly post. Now Bank Nifty has small support near 27690 - 27635 and sustaining / closing below it we can see a move till 27550 - 27450 .

Now in the coming session Bank Nifty needs to break and sustain above 27885 to test 27980 - 28000 initially and sustaining above it we can see a further upmove till 28085 - 28175. Similarly breaking and sustaining below 27705 we can see a test of 27610 - 27590 initially and breaking and sustaining below it we can see a further correction till 27505 - 27415 

Bank Nifty Spot Levels for the day are

Long above 27885 for 27940 - 28000 - 28175 , SL 27765

Short below 27705 for 27650 - 27590 -  27415 , SL 27825

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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.