Bank Nifty Spot Outlook for 06th Sep

BANK NIFTY

In the previous session Bank Nifty spot opened at 27086.95 , made a high of 27243.95, it made a low of 26815.40  before closing at 26919.70

Had mentioned that long trade will get triggered for the day on sustaining above 27315 and short trade will get triggered for the day on sustaining below 26935. Bank Nifty  triggered our short trade and completed just 1 target.

As mentioned in the previous post, 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27890 and then enter for a initial target of 28385 - 28505 and look to hold further only on sustaining or getting a close above 28505 for the next targets of 28930 - 29395. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26965 and then enter for a initial target of 26475 - 26350 and look to hold further only on sustaining or getting a close below 26350 for the next targets of 25925 - 25465.

Bank Nifty had triggered our weekly short trade in the previous session and those who are holding shorts should keep a trailing cbsl of 27285 and look to book once near our initial targets as it is a strong support zone. 

For the month of September , longs will be confirmed in Bank Nifty with a consecutive close above 28390 for a initial target of 29405 - 29660 and sustaining / closing above 29660 we can see a further move till 30535 - 31495 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 26465 for a initial target of 25450 - 25195 and sustaining / closing below 25195 we can see a further move till 24320 - 23360.

Bank Nifty has immediate resistance at 28030 - 28390 zone and it needs to give a consecutive close above it for a further upmove in the coming sessions.

As mentioned in the previous post " On the downside Bank Nifty has immediate support near 26835 - 26465 and it needs to give a consecutive close below it for the correction to resume." , and Bank Nifty today held our support zone and bounced to close above 27000 .

Now in the coming session Bank Nifty needs to break and sustain above 27090 to test 27275 - 27320 initially and sustaining above it we can see a further upmove till 27475 - 27645. Similarly breaking and sustaining below 26750 we can see a test of 26565 - 26520 initially and sustaining below it we can see a further correction till 26365 - 26195

Bank Nifty Spot Levels for the day are

Long above 27090 for 27200 - 27320 - 27645 , SL 26970

Short below 26750 for 26640 - 26520 - 26195 , SL 26870

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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.