Bank Nifty Spot Outlook for 02nd Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 28660.50 , made a high of 28819.70, it made a low of 28047.35,  before closing at 28367.35

Had mentioned that long trade will get triggered for the day on sustaining above 28990 and short trade will get triggered for the day on sustaining below 28765. Bank Nifty triggered our short trade and completed all targets and exceeded it giving 700+ 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. 

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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.

Bank Nifty had triggered our weekly short trade earlier this week and today completed all our weekly short targets with a low of 28047.35 giving 950+ points from the weekly short trade . 

For the month of August , longs will be confirmed in Bank Nifty with a consecutive close above 29490 for a initial target of 30135 - 30300 and sustaining / closing above 30300 we can see a further move till 30860 - 31470 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 28260 for a initial target of 27615 - 27450 and sustaining / closing below 27450 we can see a further move till 26895 - 26280.

Bank Nifty has closed within its immediate support zone of  28265 - 28495 after breaking well below it . In the coming sessions it needs to close strongly above 28495 for bounce . Closing strongly below 28260 can trigger further correction. Bank Nifty has immediate resistance at 29255 - 29490 zone which it needs to strongly close above for the bounce to go towards 30000 - 30140 zone. 

Now in the coming session Bank Nifty needs to break and sustain above 28470 to test 28580 - 28605 initially and sustaining above it we can see a further upmove till 28700 - 28800. Similarly breaking and sustaining below 28265 we can see a test of 28155 - 28130 initially and sustaining below it we can see a further correction till 28035 - 27935.

Bank Nifty Spot Levels for the day are

Long above 28470 for 28535 - 28605 - 28800 , SL 28400

Short below 28265 for 28200 - 28130 - 27935 , SL 28335

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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.