Thursday, 28 July 2016

Bank Nifty Spot Outlook for 29th July


Bank Nifty spot opened at 19050.40, made a high of 19126.75 , then went down till 18998.80 , before closing at 19076.55 . We had mentioned long positions can be taken above 19083 and short positions can be taken below 18960 for the day.  Bank Nifty triggered our long trade and completed just 1 target giving around 40 points . As have been mentioning in the previous posts  'Bank Nifty has outperformed for the last few days and we may see a small correction come if we do not get a consecutive close above 19155' . Bank Nifty high till now for this month is 19158 . Today for the 4th day again Bank Nifty was unable to make a new high inpsite of Nifty making one more new high for this month . Those holding longs should again keep 18934 as TSL for their positions now . If we break 18790 and sustain then again we can see a test of our support zone of 18620 - 18520 and further correction would come only on breaking and sustaining below this zone . Bank Nifty needs to break above 19155 - 19185 zone to test 19240 - 19370 levels. Those looking to short near 19240 - 19350 should do so with a cbsl of 19380 spot .  Had mentioned yesterday 'Now we would need to break and sustain above 19065 for the next weekly targets' and today Bank Nifty has given a close above it and if sustains above it tomorrow should try to break 19155 - 19185 resistance zone  . 'We may see a correction from 19155 - 19185 upto 18620 - 18520 levels if 18790 spot is broken and sustained . Today we have got our second close above 19000 spot for this month and now we need to break and sustain above 19155 - 19185 zone to see a quick move upto 19300 and failing to do so we may see a test of 18851 - 18790.

Trend reversal in Bank Nifty for this series would be consecutive closing below 17500 and trend continuation would be on consecutive close above 18371 spot . 

For today if Bank Nifty spot sustains above 19138 we can see a initial move upto 19202 & on sustaining above 19219 we may see further upmove  till 19336. Similarly if Bank Nifty spot sustains below 19015 we may see a initial move on the downside upto 18951 &  on sustaining below 18934 we may see further downmove till 18818

Bank Nifty Spot Levels for the day are

Long above 19138 for 19175 – 19219 – 19336 , SL 19058

Short below 19015 for 18978 – 18934 – 18818 , SL 19095

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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss

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