Bank Nifty Spot Outlook for 10th Jun

BANK NIFTY

In the previous session Bank Nifty spot opened at 30943.15, made a low of 30627.05, it made a high of 31139.60 ,  before closing at 31066.55

Had mentioned that long trade will get triggered for the day on sustaining above 31020 and short trade will get triggered for the day on sustaining below 30695. Bank Nifty initially triggered our short trade and did not complete any target and took our stoploss. It then reversed to trigger our long trade and completed just 1 target. 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31405 and then enter for a initial target of 31765 - 31855 and look to hold further only on sustaining or getting a close above 31855 for the next targets of 32160 - 32500. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30725 and then enter for a initial target of 30370 - 30280 and look to hold further only on sustaining or getting a close below 30280 for the next targets of 29970 - 29635.

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.

Had mentioned in the previous weeks posts " 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." , and Bank Nifty failed to test 32160 - 32260 and made a low of 30627.05 testing our expected levels of 30890 - 30590 .

Now on the downside Bank Nifty has immediate strong support near 30590 - 30490 which it needs to hold this week for a bounce else we might see the correction extend further.

Now in the coming session Bank Nifty needs to break and sustain above 31195 to test 31330 - 31365 initially and sustaining above it we can see a further upmove till 31480 - 31610. Similarly breaking and sustaining below 30940 we can see a test of 30805 - 30770 initially and sustaining below it we can see a further correction till 30655 - 30525

Bank Nifty Spot Levels for the day are

Long above 31195 for 31275 - 31365 - 31610 , SL 31105

Short below 30940 for 30860 - 30770 - 30525 , SL 31030

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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.