Thursday, 21 June 2018

Bank Nifty Spot Outlook for 22nd Jun

BANK NIFTY


In the previous session Bank Nifty spot opened at 26645.30, it made a high of 26682.95 , then made a low of 26454.95 ,  before closing at 26496.95 .

Had mentioned that long trade for the day will get triggered on sustaining above 26610 and short trade for the day will get triggered on sustaining below 26505 . Bank Nifty initially triggered our long trade and did around 70 points and reversed to trigger the short trade for the day and did around 50 points.

Had mentioned in the weekly post " In the coming week Bank Nifty needs to break and sustain / close above 26520 to test 26625 - 26665 initially and above it we can see a test of 26750 - 26850 . Similarly Nifty needs to break and sustain / close below 26315 to test 26210 - 26180 initially and below it we can see a test of 26090 - 25985. " , and today Bank Nifty confirmed our weekly shorts and tested our initial weekly short targets . Bank Nifty was unable to break and sustain below 26210 - 26180 zone to test our next short targets and had bounced back after making a low of 26224.75 this week . 

Had also mentioned " For the month of June ,Bank Nifty longs will get confirmed with a consecutive close above 27560 for a initial target of 28195 - 28360 and sustaining / closing above it we can see a further test of 28905 - 29510 . Similarly , shorts will get confirmed with a consecutive close below  26350 for a initial target of 25715 - 25555 and sustaining / closing below it we can see a further move till 25010 - 24405 ." , and  Bank Nifty had given a close below 26350 but failed to give a consecutive close below it . 

Now in the coming session Bank Nifty needs to break and sustain above 26550 to test 26605 - 26615 initially and sustaining above it we can see a further upmove till 26665 - 26715. Similarly breaking and sustaining below 26445 we can see a test of 26390 - 26375 initially and breaking and sustaining below it we can see a further correction till 26330 - 26280. 


Bank Nifty Spot Levels for the day are

Long above 26550 for 26580 - 26615 - 26715 , SL 26480

Short below 26445 for 26415 - 26375 -  26280 , SL 26515

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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.