Bank Nifty Spot Outlook for 20th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 27991.75 , it made a low of 27953.80 , then made a high of 28178.15 before closing at 28128.55

Had mentioned that long trade for the day will get triggered on sustaining above 27915 and short trade for the day will get triggered on sustaining below 27740 . Bank Nifty triggered our long trade and did 200 points . 

In the coming week Bank Nifty needs to break and sustain / close above 28355 to test 28595 - 28655 initially and above it we can see a test of 28865 - 29090 . Similarly Bank Nifty needs to break and sustain / close below 27900 to test 27660 - 27600 initially and below it we can see a test of 27395 - 27165.

 

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 took our cbsl once after triggering our longs . Now Bank Nifty has immediate support near 27690 - 27635 and immediate resistance at 28355 - 28425 .  

Now in the coming session Bank Nifty needs to break and sustain above 28215 to test 28305 - 28330 initially and sustaining above it we can see a further upmove till 28405 - 28495. Similarly breaking and sustaining below 28040 we can see a test of 27950 - 27930 initially and breaking and sustaining below it we can see a further correction till 27850 - 27765 

Bank Nifty Spot Levels for the day are

Long above 28215 for 28270 - 28330 - 28495 , SL 28100

Short below 28040 for 27990 - 27930 -  27765 , SL 28155

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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.