Bank Nifty Spot Outlook for 13th May

BANK NIFTY

In the previous session Bank Nifty spot opened at 28927.60, made a high of 29202.85, it made a low of 28900.10 ,  before closing at 29040.50

Had mentioned that long trade for the day will get triggered on sustaining above 28985 and short trade for the day will get triggered on sustaining below 28785 .Bank Nifty triggered our long trade and did 200 points.

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29305 and then enter for a initial target of 29585 - 29655 and look to hold further only on sustaining or getting a close above 29655 for the next targets of 29900 - 30160. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 28775 and then enter for a initial target of 28495 - 28425 and look to hold further only on sustaining or getting a close below 28425 for the next targets of 28185 - 27920.

Bank Nifty has its immediate support zone near 28885 - 28555 and it needs to hold these levels for a bounce in the coming sessions. 

On the upside Bank Nifty has immediate resistance near 29305 - 29425 and it needs to give a strong close above it for a bounce.

For the month of May , longs will be confirmed in Bank Nifty with a consecutive close above 30505 for a initial target of 31285 - 31480 and sustaining / closing above it we can see a further move till 32155 - 32890 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29025 for a initial target of 28245 - 28050 and sustaining / closing below it we can see a further move till 27380 - 26640. 

Bank Nifty has confirmed our monthly short trade and is holding slightly stronger than Nifty and now has resistance near 29270 - 29310 on a bounce. Sustaining below 29025 it can move towards our initial monthly short targets . 

Now in the coming session Bank Nifty needs to break and sustain above 29140 to test 29245 - 29275 initially and sustaining above it we can see a further upmove till 29365 - 29465. Similarly breaking and sustaining below 28940 we can see a test of 28835 - 28805 initially and sustaining below it we can see a further correction till 28715 - 28615.

Bank Nifty Spot Levels for the day are

Long above 29140 for 29205 - 29275 - 29465 , SL 29070

Short below 28940 for 28875 - 28805 - 28615 , SL 29010

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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.