Bank Nifty Spot Outlook for 16th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 27885.50 , made a high of 28107.05, it made a low of 27726.65,  before closing at 28019.20

Had mentioned that long trade will get triggered for the day on sustaining above 27885 and short trade will get triggered for the day on sustaining below 27575. Bank Nifty triggered our long trade and completed 2 targets giving 200+ points.

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28815 and then enter for a initial target of 29225 - 29325 and look to hold further only on sustaining or getting a close above 29325 for the next targets of 29675 - 30060. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 28045 and then enter for a initial target of 27640 - 27540 and look to hold further only on sustaining or getting a close below 27540 for the next targets of 27190 - 26800.

Bank Nifty had triggered our weekly short trade and those who have entered short positions should book once near 27640 - 27540 as it can some support near these levels to bounce . Sustaining / closing below 27540 is required for further correction this week.

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 had confirmed our monthly short trade and completed our initial targets with a low of 27389.50 . For a further correction Bank Nifty has to give a close below 27450 and holding the same we can expect this bounce to hold.

Now on the downside Bank Nifty has immediate support near 27615 - 27450 which it needs to hold in the coming sessions else the correction can extend towards 26895 - 26280 .Bank Nifty has immediate resistance at 28690 - 28850 zone which it needs to strongly close above in the coming week for the bounce to extend . 

Now in the coming session Bank Nifty needs to break and sustain above 28180 to test 28350 - 28395 initially and sustaining above it we can see a further upmove till 28540 - 28700. Similarly breaking and sustaining below 27860 we can see a test of 27690 - 27645 initially and sustaining below it we can see a further correction till 27500 - 27340.

Bank Nifty Spot Levels for the day are

Long above 28180 for 28280 - 28395 - 28700 , SL 28070

Short below 27860 for 27760 - 27645 - 27340 , SL 27970

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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.