Wednesday, 11 July 2018

Bank Nifty Spot Outlook for 12th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 26900.65, it made a high  of 26939.85 , then made a low of 26774.60,  before closing at 26816.20

Had mentioned that long trade for the day will get triggered on sustaining above 26945 and short trade for the day will get triggered on sustaining below 26845 . Bank Nifty today  triggered our short trade and did 70 points .

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 Bank Nifty had triggered our weekly long trade above 26610 in the previous sessions and nearly completed all our weekly targets with a high of 26939.85 . 

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 Bank Nifty had triggered monthly longs with a consecutive close above 26715 . Bank Nifty has immediate resistance near 26965 spot now and needs to sustain / close above it for further upmove . Those who are looking to go long on correction till 26700 levels should keep a cbsl of 26550.

Now in the coming session Bank Nifty needs to break and sustain above 26865 to test 26915 - 26930 initially and sustaining above it we can see a further upmove till 26975 - 27025. Similarly breaking and sustaining below 26765 we can see a test of 26715 - 26700 initially and breaking and sustaining below it we can see a further correction till 26660 - 26610. 


Bank Nifty Spot Levels for the day are

Long above 26865 for 26895 - 26930 - 27025 , SL 26800

Short below 26765 for 26735 - 26700 -  26610 , SL 26830

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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.