Bank Nifty Spot Outlook for 21st Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 28163.55 , made a high of 28215.40, it made a low of 27839.65,  before closing at 27982.45.

Had mentioned that long trade will get triggered for the day on sustaining above 28340 and short trade will get triggered for the day on sustaining below 28030. Bank Nifty triggered our short trade and completed nearly 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 28630 and then enter for a initial target of 29065 - 29175 and look to hold further only on sustaining or getting a close above 29175 for the next targets of 29545 - 29960. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27805 and then enter for a initial target of 27370 - 27260 and look to hold further only on sustaining or getting a close below 27260 for the next targets of 26890 - 26480.

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 28470 - 28630 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 28120 to test 28265 - 28300 initially and sustaining above it we can see a further upmove till 28425 - 28565. Similarly breaking and sustaining below 27845 we can see a test of 27700 - 27665 initially and sustaining below it we can see a further correction till 27540 - 27405.

Bank Nifty Spot Levels for the day are

Long above 28120 for 28205 - 28300 - 28565 , SL 28025

Short below 27845 for 27760 - 27665 - 27405 , SL 27940

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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.