Bank Nifty Spot Outlook for 23rd August

BANK NIFTY

Bank Nifty spot opened at 19432.60 and made a high of 19493.20 , then went down till 19252.75, before closing at 19330.25 . We had mentioned long positions can be taken above 19482 and short positions can be taken below 19348 for the day.  Bank Nifty triggered our long trade but did not complete even 1 target indicating lack of strength in the long triggered . Bank Nifty then triggered our short trade and completed 2 targets giving us around 90 points . Overall a zero gain day as profits from the short was just enough to take care of the TSL hit in the long trade . Now we need to see Nifty break and sustain above 8735 spot to enable Bank Nifty to continue this upmove and if Nifty does not break above 8735 - 8742 levels then we may see Bank Nifty also witnessing profit booking and testing 19000 levels again . Bank Nifty has been taking support near 18444 - 18537 levels and recovering since the past 3 weeks and for now one should watch the breaking of these levels for further correction . As have been mentioning in the previous post of last week ' Now Bank Nifty has immediate resistance at 19128 - 19158 levels where it has been taking resistance in the past 21 sessions and it needs to break and sustain above it to test upto  19295 - 19340 levels' and now Bank Nifty has managed to hold and sustain above these levels after breaking out above them . Trend continuation in Bank Nifty for this series was on consecutive close above 19297 and Bank Nifty has given us a consecutive close above it and now holding these levels we can see it test 19600 - 19800 levels initially . 

Bank Nifty has been sustaining above 19297 levels now but will not be able to do so for long if  Nifty does not support it by breaking and sustaining above 8735 - 8742 levels. Nifty spot now needs to break and sustain above 8742 this week to test higher 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 19399 we can see a initial move upto 19472 & on sustaining above 19490 we may see further upmove  till 19622. Similarly if Bank Nifty spot sustains below 19261 we may see a initial move on the downside upto 19189 &  on sustaining below 19170 we may see further downmove till 19039

Bank Nifty Spot Levels for the day are

Long above 19399 for 19442 – 19490 – 19622 , SL 19309

Short below 19261 for 19219 – 19170 – 19039 , SL 19352

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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.