Bank Nifty Spot Outlook for 23rd May

BANK NIFTY

In the previous session Bank Nifty spot opened at 30410.65, made a low of 30268.60, it made a high of 30675.10 ,  before closing at 30526.80

Had mentioned that long trade will get triggered for the day on sustaining above 30510 and short trade will get triggered for the day on sustaining below 30110. Bank Nifty triggered our long trade and did just 1 target. 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29765 and then enter for a initial target of 30100 - 30185 and look to hold further only on sustaining or getting a close above 30185 for the next targets of 30475 - 30780. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29135 and then enter for a initial target of 28800 - 28715 and look to hold further only on sustaining or getting a close below 28715 for the next targets of 28425 - 28110.

Bank Nifty triggered our weekly long trade and completed all targets with a high of 30926.70 .

Had mentioned in the previous week " Bank Nifty has its immediate support zone near 28885 - 28555 and it needs to hold these levels for a bounce in the coming sessions." , and Bank Nifty made a low of 28525.45 and held its support on closing and bounced back strongly with the exit polls giving a majority to the ruling party. 

On the upside Bank Nifty has immediate resistance near 30220 - 30505 and it needs to give a strong close above it for the bounce to extend towards 31280 - 31480 levels

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 had confirmed our monthly short trade and was holding stronger than Nifty and took our trailing stoploss. 

The election results will be out today and the markets can get volatile and traders can get whipsawed on both sides . Also its weekly expiry so its better to wait on the sidelines for a day and let things settle down .

Now in the coming session Bank Nifty needs to break and sustain above 30725 to test 30935 - 30990 initially and sustaining above it we can see a further upmove till 31170 - 31365. Similarly breaking and sustaining below 30330 we can see a test of 30120 - 30065 initially and sustaining below it we can see a further correction till 29885 - 29685

Bank Nifty Spot Levels for the day are

Long above 30725 for 30850 - 30990 - 31365 , SL 30585

Short below 30330 for 30205 - 30065 - 29685 , SL 30465

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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.