Monday, 16 July 2018

Bank Nifty Spot Outlook for 17th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 26914.50 , it made a high  of 26939.05 , then made a low of 26643.95,  before closing at 26679.80

Had mentioned that long trade for the day will get triggered on sustaining above 26985 and short trade for the day will get triggered on sustaining below 26885 . Bank Nifty triggered our short trade and did 225 points .

Had mentioned in the previous post that " In the coming week Bank Nifty needs to break and sustain / close above 27065 to test 27205 - 27240 initially and above it we can see a test of 27360 - 27490 . Similarly Nifty needs to break and sustain / close below 26805 to test 26665 - 26630 initially and below it we can see a test of 26510 - 26380.", and Bank Nifty triggered our weekly short trade and completed our initial targets of 26665 - 26630 today. Now in the coming session Bank Nifty needs to break and sustain below 26630 to test the next targets of 26510 - 26380 else we might see a bounce till 26805 - 26865 .

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 confirmed our monthly longs in the previous session and today completed our initial target of 27080 - 27170 with a high of 27164.80 . Also had mentioned that " Now in the coming sessions Bank Nifty has to close above 27170 for the further upmove till 27485 - 27835 else we might see a move back to 26925 - 26825 ." , and today Bank Nifty corrected all the way till 26643.95 after being unable to break above 27170 .

Now in the coming session Bank Nifty needs to break and sustain above 26745 to test 26810 - 26825 initially and sustaining above it we can see a further upmove till 26885 - 26945. Similarly breaking and sustaining below 26615 we can see a test of 26550 - 26535 initially and breaking and sustaining below it we can see a further correction till 26475 - 26415. 


Bank Nifty Spot Levels for the day are

Long above 26745 for 26780 - 26825 - 26945 , SL 26660

Short below 26615 for 26580 - 26535 -  26415 , SL 26700

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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.