Bank Nifty Spot Outlook for 12th Sep

BANK NIFTY

In the previous session Bank Nifty spot opened at 27639.05 , made a low of 27551.65, it made a high of 27829.65  before closing at 27776.20

Had mentioned that long trade will get triggered for the day on sustaining above 27635 and short trade will get triggered for the day on sustaining below 27375. Bank Nifty triggered our long trade and completed 2targets giving nearly 200 points.

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27720 and then enter for a initial target of 28220 - 28345 and look to hold further only on sustaining or getting a close above 28345 for the next targets of 28775 - 29245. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26775 and then enter for a initial target of 26275 - 26150 and look to hold further only on sustaining or getting a close below 26150 for the next targets of 25725 - 25250.

Bank Nifty has today confirmed weekly longs and now sustaining above 27720 we can see a test of initially 28220 - 28345 . Those who are holding longs should keep a cbsl of 27540 and look to book once near our initial targets and hold only on sustaining / closing above 28345.

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.

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.

Now in the coming session Bank Nifty needs to break and sustain above 27915 to test 28055 - 28090 initially and sustaining above it we can see a further upmove till 28215 - 28350. Similarly breaking and sustaining below 27640 we can see a test of 27495 - 27460 initially and sustaining below it we can see a further correction till 27340 - 27200

Bank Nifty Spot Levels for the day are

Long above 27915 for 27995 - 28090 - 28350 , SL 27820

Short below 27640 for 27555 - 27460 - 27200 , SL 27735

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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.