Bank Nifty Spot Outlook for 08th August

BANK NIFTY

Bank Nifty spot opened at 18725.20 made a low of 18708.25 , then went up till 18943.15, before closing at 18925.95 . We had mentioned long positions can be taken above 18629 and short positions can be taken below 18515 for the day.  Bank Nifty triggered our long trade at opening and opened above our 2nd target and went up by another 200 points from there too . It is now 14 trading sessions since Bank Nifty made the high of 19158 in July and we seen Nifty make 6 new highs post that . For now Bank Nifty has taken support above 18415 - 18250  levels and recovered  .  We had mentioned in the previous post that  'If Bank Nifty holds and sustains above 18609  then we should see it move till 18850 - 19065 levels again' and today we saw Bank Nifty make a high of 18926 . Now Bank Nifty has immediate resistance at 19128 - 19158 levels where it has been taking resistance in the past 14 sessions and it needs to break and sustain above it to test upto  19295 - 19340 levels . 

Trend reversal in Bank Nifty for this series would be consecutive closing below 18609 and trend continuation would be on consecutive closing above 19297 spot . 

For today if Bank Nifty spot sustains above 18989 we can see a initial move upto 19056 & on sustaining above 19073 we may see further upmove  till 19194. Similarly if Bank Nifty spot sustains below 18863 we may see a initial move on the downside upto 18796 &  on sustaining below 18779 we may see further downmove till 18658

Bank Nifty Spot Levels for the day are

Long above 18989 for 19028 – 19073 – 19194 , SL 18906

Short below 18863 for 18824 – 18779 – 18658 , SL 18946

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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.