Tuesday, 30 August 2016

Bank Nifty Spot Outlook for 31st August


Bank Nifty spot opened at 19306.5 which was also the low for the day , then went up till 19546.35 before closing at 19531.55 . Had mentioned long positions can be taken above 19261 and short positions can be taken below 19173 for the day.  Bank Nifty opened gap up above our daily long trigger and near our 2nd target for the day , which was also near our weekly long confirmation levels of 19312 and those who would entered longs following our weekly long trigger levels would have still got nearly 220 points from the long trade . As mentioned in the previous posts  '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' . Today we finally saw Nifty break above 8735 - 8742 levels and as expected we saw Bank Nifty also make newer highs . Bank Nifty had been taking support near 18444 - 18537 levels before breaking above 19158 levels . As mentioned in the previous posts ' Since breaking above 19297 Bank Nifty has been taking support near 19237 which is our confirmation level for weekly shorts and now one should watch breaking and sustaining below it this week for a test of 19128 - 19158 levels where the next support exists ' . Had also mentioned in the previous post 'We are yet to get a close below 19158 since it has broken out above it 8 sessions ago. Bank Nifty had been trading weak today comparted to the Nifty and we will need Bank Nifty to break and sustain above 19312 to go up further this week.' . We can expect some resistance near 19680 - 19760 levels on the upside now.

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 19589 we can see a initial move upto 19649 & on sustaining above 19664 we may see further upmove  till 19773. Similarly if Bank Nifty spot sustains below 19475 we may see a initial move on the downside upto 19414 &  on sustaining below 19399 we may see further downmove till 19290

Bank Nifty Spot Levels for the day are

Long above 19589 for 19624
 – 19664 – 19773 , SL 19514

Short below 19475 for 19439 – 19399 – 19290 , SL 19549

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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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