Bank Nifty Spot Outlook for 30th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 27694.95 , made a high of 27719.05, it made a low of 27239.95  before closing at 27305.20

Had mentioned that long trade will get triggered for the day on sustaining above 27975 and short trade will get triggered for the day on sustaining below 27635. Bank Nifty  triggered our short trade and completed 2 targets . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27310 and then enter for a initial target of 27680 - 27775 and look to hold further only on sustaining or getting a close above 27775 for the next targets of 28095 - 28445. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26605 and then enter for a initial target of 26235 - 26145 and look to hold further only on sustaining or getting a close below 26145 for the next targets of 25825 - 25470.

Bank Nifty had triggered our weekly long and nearly completed our targets and reversed.

Had mentioned at the start of the month "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." , and Bank nifty had confirmed our monthly short trade and made a low of 26560.60 reaching our last target zone . 

Bank Nifty will remain weak as long as its trading below its immediate resistance at 27680 - 27775 zone .

Now in the coming session Bank Nifty needs to break and sustain above 27480 to test 27660 - 27710 initially and sustaining above it we can see a further upmove till 27865 - 28035. Similarly breaking and sustaining below 27130 we can see a test of 26950 - 26905 initially and sustaining below it we can see a further correction till 26745 - 26575

Bank Nifty Spot Levels for the day are

Long above 27480 for 27585 - 27710 - 28035 , SL 27360

Short below 27130 for 27025 - 26905 - 26575 , SL 27250

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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.