Bank Nifty Spot Outlook for 07th September

BANK NIFTY

Bank Nifty spot opened at 19990.95 which was also the low for the day , then went up till 20459.45 , before closing at 20426.20 . Had mentioned long positions can be taken above 19934 and short positions can be taken below 19832 for the day.  Bank Nifty triggered our long trade and opened near our 2nd target for the day and also confirmed our weekly long trade at 20019 and achieved all our daily targets and also achieved our last target for the week of 20457 today itself . Bank Nifty gave us nearly 425 points from our weekly long confirmation level today . It was a strong trending move on the Bank Nifty and also a strong close. Now we have immediate supports at 19605 - 19495 and if Bank Nifty breaks and sustains below 19495 then the next supports are at 19315 - 19185 . Also Bank Nifty has been taking support near 18444 - 18537 levels in the entire August month so this should provide strong support incase of a deeper correction. Bank Nifty outperformed the Nifty today by a good margin and is now at a crucial level as it now needs to sustain above 20467  - 20505 to test higher levels this week . Those who are still holding longs from 19297 levels should keep a TSL at 20260 for their existing positions .

Trend reversal in Bank Nifty for this series would be consecutive closing below 19495 and trend continuation would be on consecutive closing above 20080 spot . We saw Bank Nifty move up further by 350+ points on sustaining above 20080 

For today if Bank Nifty spot sustains above 20504 we can see a initial move upto 20586 & on sustaining above 20607 we may see further upmove  till 20755. Similarly if Bank Nifty spot sustains below 20348 we may see a initial move on the downside upto 20266 &  on sustaining below 20246 we may see further downmove till 20097.

Bank Nifty Spot Levels for the day are

Long above 20504 for 20552 – 20607 – 20755 , SL 20402

Short below 20348 for 20301 – 20246 – 20097, SL 20450

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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.