Wednesday, 4 July 2018

Bank Nifty Spot Outlook for 05th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 26249.25, it made a low  of 26132.90 , then made a high of 26480.50,  before closing at 26433.95

Had mentioned that long trade for the day will get triggered on sustaining above 26255 and short trade for the day will get triggered on sustaining below 26155 . Bank Nifty today initially triggered our short trade and took our stoploss . It then triggered our long trade and did around 200 points . 

Had mentioned that " In the coming week Bank Nifty needs to break and sustain / close above 26535 to test 26710 - 26755 initially and above it we can see a test of 26905 - 27075 . Similarly Nifty needs to break and sustain / close below 26195 to test 26020 - 25975 initially and below it we can see a test of 25820 - 25655. ", and Bank Nifty had broken below 26195 twice this week but could not give a close below it and today bounced back to close comfortably above 26400  . In the coming session Bank Nifty needs to now break and sustain above 26535 to move up further to our initial targets.

For the month of July ,Bank Nifty longs will get confirmed with a consecutive close above 26715 for a initial target of 27080 - 27170 and sustaining / closing above it we can see a further test of 27485 - 27835 . Similarly , shorts will get confirmed with a consecutive close below  26015 for a initial target of 25650 - 25555 and sustaining / closing below it we can see a further move till 25240 - 24895 . 

Now in the coming session Bank Nifty needs to break and sustain above 26495 to test 26555 - 26570 initially and sustaining above it we can see a further upmove till 26625 - 26680. Similarly breaking and sustaining below 26375 we can see a test of 26315 - 26300 initially and breaking and sustaining below it we can see a further correction till 26245 - 26185. 


Bank Nifty Spot Levels for the day are

Long above 26495 for 26530 - 26570 - 26680 , SL 26415

Short below 26375 for 26340 - 26300 -  26185 , SL 26455

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.