Wednesday, 27 May 2020

Bank Nifty Spot Outlook for 28th May

In the previous session : 



Bank Nifty went up by 1434 points before closing higher by 1270 points on Wednesday as compared to its previous day's  close . 




Bank Nifty had made a life time high of 32613.10 on 30th December and has since then  corrected by 15822 points . 



On 27th May :


Bank Nifty initially triggered our long trade with a gap up and nearly did 1230 points 



For 28th May  :

Sustaining above 18970 enter for 19130 - 19310 - 19800 , SL 18790

Sustaining below 18450 enter for 18290 - 18110 - 17620 , SL 18630


Had mentioned previously " As per weekly closing , Bank Nifty has immediate resistance at 17645 - 17870 and immediate support at 16915 - 16685 . Bank Nifty needs to close beyond 16685 - 17870 for a further move in either direction .", and today we saw Bank Nifty breakout on the upside.

Bank Nifty now has its next resistance near 19430 - 20235 zone. 



Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .


Bank Nifty had made a low of 16116.25 on 24th March. 

Bank Nifty has made a high of 21967 in the bounce from 16116.25 retracing 36.30 % of the fall while Nifty has made a high of 9889.05 from the lows of 7511 retracing 31.66%




How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 




For this month :


  • Bank Nifty longs will get confirmed with a consecutive close above 22835 for a initial target of 24210 - 24560 and sustaining / closing above 24560 we can see a further move till 25740 - 27040 .  

  • Bank Nifty shorts will get confirmed with a consecutive close below 20235 for  a initial target of 18860 - 18515 and sustaining / closing below 18515 we can see a further move till 17330 - 16030.

Bank Nifty had triggered our monthly short trade and we have seen a dip till 17105 completing all short targets except the last one of 16032 . Bank Nifty has given 3130 points from the monthly short trade. Bank Nifty is the weaker index at the moment. Those who were short should have booked once . Further short can be taken if it fails to hold 16770 this week on closing.


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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.

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