Bank Nifty Spot Outlook for 04th Jun

BANK NIFTY

In the previous session Bank Nifty spot opened at 31406.05, made a low of 31284.70, it made a high of 31674.60 ,  before closing at 31653.65

Had mentioned that long trade will get triggered for the day on sustaining above 31520 and short trade will get triggered for the day on sustaining below 31230. Bank Nifty triggered our long trade and did 150 points

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31755 and then enter for a initial target of 32160 - 32260 and look to hold further only on sustaining or getting a close above 32260 for the next targets of 32605 - 32985. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30995 and then enter for a initial target of 30595 - 30490 and look to hold further only on sustaining or getting a close below 30490 for the next targets of 30145 - 29765.

For the month of June , longs will be confirmed in Bank Nifty with a consecutive close above 32160 for a initial target of 32995 - 33205 and sustaining / closing above it we can see a further move till 33920 - 34710 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 30590 for a initial target of 29755 - 29545 and sustaining / closing below it we can see a further move till 28830 - 28045.

Now on the upside Bank Nifty has immediate resistance  near 32160 - 32260 and a strong close above it is required for a further upmove in the coming week and failing to do so we can see a correction till 30890 - 30590.

On the downside Bank Nifty has immediate strong support near 30590 - 30490 which it needs to hold incase of a correction else we might see the correction extend further.

Now in the coming session Bank Nifty needs to break and sustain above 31780 to test 31915 - 31950 initially and sustaining above it we can see a further upmove till 32065 - 32190. Similarly breaking and sustaining below 31525 we can see a test of 31395 - 31360 initially and sustaining below it we can see a further correction till 31245 - 31120

Bank Nifty Spot Levels for the day are

Long above 31780 for 31860 - 31950 - 32190 , SL 31690

Short below 31525 for 31450 - 31360 - 31120 , SL 31615

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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.