Thursday, 28 June 2018

Bank Nifty Spot Outlook for 29th Jun

BANK NIFTY


In the previous session Bank Nifty spot opened at 26398.10, it made a high  of 26487.85 , then made a low of 26161,  before closing at 26324.60 

Had mentioned that long trade for the day will get triggered on sustaining above 26490 and short trade for the day will get triggered on sustaining below 26355 . Bank Nifty triggered our short trade after opening and did around 180 points .

Had mentioned previously " In the coming week Bank Nifty needs to break and sustain / close above 26930 to test 27100 - 27140 initially and above it we can see a test of 27290 - 27450 . Similarly Nifty needs to break and sustain / close below 26605 to test 26435 - 26390 initially and below it we can see a test of 26245 - 26085. ", and Bank Nifty had  triggered our weekly shorts and tested our next short target zone of 26245 - 26085 nearly completing all our targets . with a borderline close in the previous session and today completed our initial weekly short targets . Now in the coming session Bank Nifty needs to break and sustain above its resistance zone of 26350 - 26390 to show some pullback else sustaining below it we can see further downmove. 

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 . 

Now in the coming session Bank Nifty needs to break and sustain above 26390 to test 26455 - 26475 initially and sustaining above it we can see a further upmove till 26530 - 26590. Similarly breaking and sustaining below 26260 we can see a test of 26195 - 26175 initially and breaking and sustaining below it we can see a further correction till 26120 - 26060. 


Bank Nifty Spot Levels for the day are

Long above 26390 for 26425 - 26475 - 26590 , SL 26305

Short below 26260 for 26225 - 26175 -  26060 , SL 26345

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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.