Bank Nifty Spot Outlook for 22nd Jul

BANK NIFTY

In the previous session Bank Nifty spot opened at 30515.10 , made a high of 30543.75, it made a low of 29705.75,  before closing at 29770.35

Had mentioned that long trade will get triggered for the day on sustaining above 30545 and short trade will get triggered for the day on sustaining below 30315. Bank Nifty triggered our short trade and completed all targets and exceeded giving 600+ points 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30020 and then enter for a initial target of 30285 - 30355 and look to hold further only on sustaining or getting a close above 30355 for the next targets of 30580 - 30830. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29520 and then enter for a initial target of 29255 - 29185 and look to hold further only on sustaining or getting a close below 29185 for the next targets of 28960 - 28710.

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.

Bank Nifty confirmed our monthly shorts and nearly completed all our short targets with a low of 29705.75 entering our last target zone of 29800 - 29400 giving nearly 1000 points from the short trade for the month. Bank Nifty has immediate support at 29520 - 29420 which it needs to holding for a bounce to be expected .

Now in the coming session Bank Nifty needs to break and sustain above 29865 to test 29965 - 29990 initially and sustaining above it we can see a further upmove till 30080 - 30170. Similarly breaking and sustaining below 29675 we can see a test of 29575 - 29550 initially and sustaining below it we can see a further correction till 29465 - 29370.

Bank Nifty Spot Levels for the day are

Long above 29865 for 29925 - 29990 - 30170 , SL 29800

Short below 29675 for 29615 - 29550 - 29370 , SL 29740

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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.