Bank Nifty Spot Outlook for 26th Jul

BANK NIFTY

In the previous session Bank Nifty spot opened at 28981.05 , made a high of 29240.80, it made a low of 28931.05,  before closing at 29043.05

Had mentioned that long trade will get triggered for the day on sustaining above 29045 and short trade will get triggered for the day on sustaining below 28860. Bank Nifty triggered our long trade and completed  2 targets giving 175+ 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.

Bank Nifty triggered our weekly short trade and nearly completed all our short targets with a low of 28871 giving a good exit . Now it needs to sustain above 28960 for a bounce in the coming sessions. 

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 completed all our short targets and exceeded it with a low of 28871 giving nearly 1800 points from the short trade for the month. Bank Nifty has immediate support at 28810 - 28590 which it needs to hold for a bounce.

Now in the coming session Bank Nifty needs to break and sustain above 29140 to test 29245 - 29270 initially and sustaining above it we can see a further upmove till 29360 - 29455. Similarly breaking and sustaining below 28945 we can see a test of 28845 - 28815 initially and sustaining below it we can see a further correction till 28730 - 28630.

Bank Nifty Spot Levels for the day are

Long above 29140 for 29200 - 29270 - 29455 , SL 29070

Short below 28945 for 28885 - 28815 - 28630 , SL 29015

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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.