Bank Nifty Spot Outlook for 04th Jul

BANK NIFTY

In the previous session Bank Nifty spot opened at 31347.70, made a high of 31467.15, it made a low of 31238.50,  before closing at 31382.30

Had mentioned that long trade will get triggered for the day on sustaining above 31365 and short trade will get triggered for the day on sustaining below 31205. Bank Nifty triggered our long trade and completed 2 targets giving 100 points  .

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31300 and then enter for a initial target of 31505 - 31560 and look to hold further only on sustaining or getting a close above 31560 for the next targets of 31735 - 31930. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30910 and then enter for a initial target of 30705 - 30655 and look to hold further only on sustaining or getting a close below 30655 for the next targets of 30475 - 30280.

As mentioned in the previous post " Bank Nifty confirmed our weekly long trade and on sustaining above 31300 in the coming sessions we can see a test of 31505 - 31560 . Those who are holding longs should keep a trailing cbsl of 31165." ,  Bank Nifty today missed our initial targets and we can see it get tested in the coming session .  

For the month of July , longs will be confirmed in Bank Nifty with a consecutive close above 31510 for a initial target of 31935 - 32040 and sustaining / closing above it we can see a further move till 32410 - 32810 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 30700 for a initial target of 30275 - 30170 and sustaining / closing below it we can see a further move till 29800 - 29400.

Now on the downside Bank Nifty has immediate strong support near 30790 - 30700 which it needs to hold on closing basis in a correction for a bounce . 

Now in the coming session Bank Nifty needs to break and sustain above 31450 to test 31520 - 31540 initially and sustaining above it we can see a further upmove till 31600 - 31660. Similarly breaking and sustaining below 31315 we can see a test of 31245 - 31225 initially and sustaining below it we can see a further correction till 31165 - 31100.

Bank Nifty Spot Levels for the day are

Long above 31450 for 31490 - 31540 - 31660 , SL 31400

Short below 31315 for 31275 - 31225 - 31100 , SL 31365

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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.