Bank Nifty Spot Outlook for 30th Jul

BANK NIFTY

In the previous session Bank Nifty spot opened at 29583.45 , made a high of 29592.95, it made a low of 29104.85,  before closing at 29295.90

Had mentioned that long trade will get triggered for the day on sustaining above 29440 and short trade will get triggered for the day on sustaining below 29210. Bank Nifty triggered our long trade with a gap up near our 2nd target and did not give a chance to enter. Bank Nifty then reversed and triggered our short trade and completed 100+ points 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29625 and then enter for a initial target of 29940 - 30020 and look to hold further only on sustaining or getting a close above 30020 for the next targets of 30290 - 30590. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29025 and then enter for a initial target of 28715 - 28635 and look to hold further only on sustaining or getting a close below 28635 for the next targets of 28365 - 28065.

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 had confirmed our monthly shorts and completed all our targets and also exceeded it with a low of 28931.05  . 

Now on the downside Bank Nifty has immediate support near 28710 - 28510 which it needs to hold on closing basis on any further correction in the coming week for a bounce . Bank Nifty has immediate resistance at 29375 - 29575 zone which it needs to strongly close above in the coming week for the bounce to go towards 30000 - 30140 zone. 

Now in the coming session Bank Nifty needs to break and sustain above 29405 to test 29520 - 29550 initially and sustaining above it we can see a further upmove till 29650 - 29750. Similarly breaking and sustaining below 29190 we can see a test of 29075 - 29045 initially and sustaining below it we can see a further correction till 28945 - 28835.

Bank Nifty Spot Levels for the day are

Long above 29405 for 29470 - 29550 - 29750 , SL 29330

Short below 29190 for 29120 - 29045 - 28835 , SL 29265

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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.