Sunday, 8 July 2018

Bank Nifty Spot Outlook for 09th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 26427.55, it made a low  of 26410 , then made a high of 26609.85,  before closing at 26493.85

Had mentioned that long trade for the day will get triggered on sustaining above 26550 and short trade for the day will get triggered on sustaining below 26455 . Bank Nifty today initially triggered our short trade and did just 40 points then took our stoploss .It then triggered our long trade and again did just 60 points. 

In the coming week Bank Nifty needs to break and sustain / close above 26610 to test 26735 - 26765 initially and above it we can see a test of 26870 - 26985 . Similarly Nifty needs to break and sustain / close below 26375 to test 26255 - 26225 initially and below it we can see a test of 26120 - 26000. 

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 26540 to test 26585 - 26595 initially and sustaining above it we can see a further upmove till 26635 - 26680. Similarly breaking and sustaining below 26450 we can see a test of 26405 - 26390 initially and breaking and sustaining below it we can see a further correction till 26350 - 26310. 


Bank Nifty Spot Levels for the day are

Long above 26540 for 26565 - 26595 - 26680 , SL 26480

Short below 26450 for 26425 - 26390 -  26310 , SL 26510

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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.