Monday, 9 July 2018

Bank Nifty Spot Outlook for 10th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 26642.35, it made a low  of 26611.55 , then made a high of 26781.20,  before closing at 26753.30

Had mentioned that long trade for the day will get triggered on sustaining above 26540 and short trade for the day will get triggered on sustaining below 26450 . Bank Nifty today  triggered our long trade with a gap up and did 70 points as per the daily targets

Had mentioned in the previous post that "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.", and today Bank Nifty triggered our weekly long trade above 26610 with a low of 26611.55 and completed our initial targets of around 155 points with a high of 26781.20. Now in the coming session Bank Nifty has to confirm above 26765 to move towards the next targets of 26870 - 26985.

As mentioned earlier " 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 ." , and today Bank Nifty gave a first close above 26715 and we need a consecutive close in the coming session to move towards the initial target of 27070 - 27170 .

Now in the coming session Bank Nifty needs to break and sustain above 26810 to test 26865 - 26880 initially and sustaining above it we can see a further upmove till 26935 - 26985. Similarly breaking and sustaining below 26700 we can see a test of 26640 - 26625 initially and breaking and sustaining below it we can see a further correction till 26575 - 26520. 


Bank Nifty Spot Levels for the day are

Long above 26810 for 26845 - 26880 - 26985 , SL 26735

Short below 26700 for 26665 - 26625 -  26520 , SL 26770

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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.