Bank Nifty Spot Outlook for 26th Jul

BANK NIFTY

Bank Nifty spot opened at 24622.90 , made a new life time high of 24624.65 , it made a low of 24450.20 before closing at another record high of 24520.70 .

Had mentioned that long positions can be taken above 24445 and short positions can be taken below 24400 .  Bank Nifty opened above our last long target for the day and did not give any entry today . It had confirmed our weekly long targets in the previous session and had completed our initial 3 weekly long targets yesterday .Those who were holding as per weekly long would have got good returns today as Bank Nifty completed all our weekly long targets with the gap up today.  

Had mentioned in the previous post " Now in the coming week Bank Nifty needs to break and sustain / close above 24335 to test 24415 - 24435 levels initially and above it we can see a further move till  24510 - 24585 . Similarly Bank Nifty on sustaining / closing below 24180 levels we can see a test of 24095 - 24075 levels initially and below it we can see a further move till 24005 - 23925 levels . Now sustaining above 24435 levels in the coming sessions we can see a further move till 24510 - 24585 next . Those who are holding longs should now move up their trailing cbsl to 24280 " , and today we saw Bank Nifty make a high of 24624.65 and close within the next resistance range . Now Bank Nifty needs to break and sustain above 24510 - 24585 zone to test 24650 - 24700 zone next and being unable to do we can see profit booking take it to 24175 levels initially .

Bank Nifty Spot Levels for the day are

Long above 24545 for 24560 – 24575 – 24615 , SL 24515

Short below 24500 for 24485 – 24470 – 24425 , SL 24530

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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.