Bank Nifty Spot Outlook for 18th Jun

BANK NIFTY

In the previous session Bank Nifty spot opened at 30652.00, made a high of 30684.05, it made a low of 30249.40 ,  before closing at 30273.25

Had mentioned that long trade will get triggered for the day on sustaining above 30730 and short trade will get triggered for the day on sustaining below 30500. Bank Nifty triggered our short trade and completed 2 targets doing 250 points .

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30925 and then enter for a initial target of 31250 - 31335 and look to hold further only on sustaining or getting a close above 31335 for the next targets of 31615 - 31925. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30305 and then enter for a initial target of 29980 - 29895 and look to hold further only on sustaining or getting a close below 29895 for the next targets of 29615 - 29305.

Today Bank Nifty triggered our weekly short trade and sustaining below 30305 in the coming session we can see a test of 29980 - 29895 initially.

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 post "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 29755 - 29545." , and today Bank Nifty broke the support on closing basis. Now sustaining and closing below it in the coming session can see a further correction towards our downside targets. Those who are holding shorts should keep a trailing cbsl of 30520 for the coming session.

Now in the coming session Bank Nifty needs to break and sustain above 30380 to test 30495 - 30525 initially and sustaining above it we can see a further upmove till 30625 - 30735. Similarly breaking and sustaining below 30165 we can see a test of 30050 - 30020 initially and sustaining below it we can see a further correction till 29925 - 29815

Bank Nifty Spot Levels for the day are

Long above 30380 for 30450 - 30525 - 30735 , SL 30305

Short below 30165 for 30100 - 30020 - 29815 , SL 30240

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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.