Bank Nifty Spot Outlook for 11th Aug

BANK NIFTY

Bank Nifty spot opened at 24300.45 , made a high of 24326.90 , it made a low of 23822.20 , before closing at 24217.35 .

Had mentioned that long positions for the day can be taken above 24455 and short positions for the day can be taken below 24295 . Bank Nifty triggered our short trade and completed all targets and exceeded it . Bank Nifty had also triggered our weekly shorts below 24630 in the previous session and today completed all our weekly short targets at 23985 and exceeded it too .

Had mentioned in the previous post " Now in the coming sessions Bank Nifty needs to break and sustain / close above 25025 for a test of 25235 - 25390 initially and above it we can see a further move till  25470 - 25670 . Similarly on sustaining / closing below 24630 we can see a test of 24420 - 24365 initially and further below it we can see a further test of 24185 - 23985 . Those who are looking to enter fresh longs on small dips should keep a strict cbsl of 24630 now . Any shorts taken this week should be exited on sustaining above 25030 . Now sustaining below 24365 in the coming session we can see a test of 24185 - 23985 " , and today sustaining below 24365 Bank Nifty made a low of 23822.20 . Now in the coming session Bank Nifty sustaining below 23985 can test 23800 - 23750 next. Holding on to 23985 we can see a bounce back till 24365 - 24420 initially and above it till 24580 - 24630 next .

Bank Nifty Spot Levels for the day are

Long above 24295 for 24345 – 24400 – 24550 , SL 24195

Short below 24140 for 24090 – 24035 – 23885 , SL 24240

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.