Bank Nifty Spot Outlook for 05th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 28224.25 , made a low of 27936.35, it made a high of 28544.55,  before closing at 28204.95

Had mentioned that long trade will get triggered for the day on sustaining above 28470 and short trade will get triggered for the day on sustaining below 28265. Bank Nifty initially triggered our short trade and completed all targets giving 300+ points . It then reversed to trigger our long trade and completed just one target .

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28450 and then enter for a initial target of 28710 - 28780 and look to hold further only on sustaining or getting a close above 28780 for the next targets of 29000 - 29250. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27960 and then enter for a initial target of 27700 - 27630 and look to hold further only on sustaining or getting a close below 27630 for the next targets of 27410 - 27160.

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 given a marginal close below 28260 and it needs to give a consecutive strong close to confirm monthly shorts.

Now on the downside Bank Nifty has immediate support near 27960 - 27880 which it needs to hold in the coming else the correction can extend . Bank Nifty has immediate resistance at 28360 - 28450 zone which it needs to strongly close above in the coming week for a bounce. 

Now in the coming session Bank Nifty needs to break and sustain above 28300 to test 28395 - 28420 initially and sustaining above it we can see a further upmove till 28505 - 28600. Similarly breaking and sustaining below 28110 we can see a test of 28015 - 27990 initially and sustaining below it we can see a further correction till 27905 - 27810.

Bank Nifty Spot Levels for the day are

Long above 28300 for 28355 - 28420 - 28600 , SL 28235

Short below 28110 for 28055 - 27990 - 27810 , SL 28175

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.