Thursday, 23 May 2019

Bank Nifty Spot Outlook for 24th May

BANK NIFTY


In the previous session Bank Nifty spot opened at 30962.80, made a new lifetime high of 31705.00, it made a low of 30292.35 ,  before closing at 30409.10

Had mentioned that long trade will get triggered for the day on sustaining above 30725 and short trade will get triggered for the day on sustaining below 30330. Bank Nifty triggered our long trade with a gap up and completed all our day targets and exceeded it by 350+ points. 



For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29765 and then enter for a initial target of 30100 - 30185 and look to hold further only on sustaining or getting a close above 30185 for the next targets of 30475 - 30780. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29135 and then enter for a initial target of 28800 - 28715 and look to hold further only on sustaining or getting a close below 28715 for the next targets of 28425 - 28110.

Bank Nifty triggered our weekly long trade and completed all targets and exceeded it with a high of 31705 .






Had mentioned in the previous week " Bank Nifty has its immediate support zone near 28885 - 28555 and it needs to hold these levels for a bounce in the coming sessions." , and Bank Nifty made a low of 28525.45 and held its support on closing and bounced back strongly with the exit polls giving a majority to the ruling party. 

Bank Nifty had closed above its immediate resistance of 30220 - 30505 on Wednesday and completed its next targets of 31280 - 31480 . 


For the month of May , longs will be confirmed in Bank Nifty with a consecutive close above 30505 for a initial target of 31285 - 31480 and sustaining / closing above it we can see a further move till 32155 - 32890 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29025 for a initial target of 28245 - 28050 and sustaining / closing below it we can see a further move till 27380 - 26640. 


Bank Nifty failed to give a consecutive close above 30505 today after closing above it on Wednesday to confirm our monthly long trade. 

Now with the major domestic event over , the focus will be back to earnings and growth again to find fresh triggers to move the markets.

Now in the coming session Bank Nifty needs to break and sustain above 30610 to test 30825 - 30875 initially and sustaining above it we can see a further upmove till 31060 - 31260. Similarly breaking and sustaining below 30210 we can see a test of 29995 - 29945 initially and sustaining below it we can see a further correction till 29760 - 29560



Bank Nifty Spot Levels for the day are

Long above 30610 for 30735 - 30875 - 31260 , SL 30470

Short below 30210 for 30085 - 29945 - 29560 , SL 30350


If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.

Nifty Spot Outlook for 24th May

NIFTY


In the previous session Nifty spot opened at 11901.30, made a new lifetime high of 12041.15 , it made a low of 11614.50,  before closing at 11657.05. 

Had mentioned that long trade will get triggered for the day on sustaining above 11800 and short trade will get triggered for the day on sustaining below 11675. Nifty triggered our long trade at opening with a big gap up and completed all our day targets with a high of 12041.15 crossing the psychological 12000 mark but then corrected on the back of profit booking after that. 




For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11510 and then enter for a initial target of 11615 - 11640 and look to hold further only on sustaining or getting a close above 11640 for the next targets of 11735 - 11835. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11305 and then enter for a initial target of 11200 - 11175 and look to hold further only on sustaining or getting a close below 11175 for the next targets of 11080 - 10980.

Nifty had triggered our weekly long trade with a huge gap up on Monday and completed all our targets of 11735 - 11835 and extended it by a further 200 points on the confirmation that the ruling government is returning to power . 



As mentioned last week " Nifty now has immediate support at 11135 - 11120 and it needs to hold these levels on closing basis for a bounce to come " , and Nifty held these levels on closing basis with a close of 11157 after a low of 11108.30 and bounced back by nearly 950+ points on the back of the NaMo wave .

As mentioned in the previous post " Nifty has its immediate resistance now at 11870 - 11945 and it needs to break above this zone and give a strong close above it for a upmove above the psychological 12000 mark and towards 12400 - 12800." , and today we saw Nifty cross 12000 levels intraday but get sold off on the back of profit booking and failing to give a close above the resistance zone of 11870 - 11945.

For the month of May , longs will get confirmed in Nifty with a consecutive close above 11945 for a initial target of 12155 - 12210 and sustaining / closing above it we can see a further move till 12390 - 12585 .  Similarly shorts will get confirmed with a consecutive close below 11550 for  a initial target of 11340 - 11290 and sustaining / closing below it we can see a further move till 11110 - 10910 .

Nifty had confirmed our monthly shorts earlier below 11550 and tested our next target zone of 11110 - 10910 with a low of 11108.30 . Had already mentioned in the previous week that shorts should be booked as the markers had fallen for 9 consecutive sessions and a bounce was due . Nifty bounced back sharply by nearly 950 points and also crossed our resistance zone of 11870  - 11945 but failed to close above it due to profit booking . 

Now that the major domestic event is over and with the vix cooling off ,  the market will again be getting back to watching earnings and growth for next triggers. 


Now in the coming session Nifty needs to break and sustain above 11720 to test 11795 - 11805 initially and sustaining above it we can see a further upmove till 11860 - 11925. Similarly breaking and sustaining below 11595 we can see a test of 11525 - 11510 initially and breaking and sustaining below it we can see a further correction till 11455 - 11390


Nifty Spot Levels for the day are

Long above 11720 for 11760 - 11805 - 11925 , SL 11675

Short below 11595 for 11555 - 11510 - 11390 , SL 11640


If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.