Wednesday, 18 July 2018

Bank Nifty Spot Outlook for 19th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 27107.35 , it made a high of 27187.15 , then made a low of 26834.45,  before closing at 26880.90

Had mentioned that long trade for the day will get triggered on sustaining above 27045 and short trade for the day will get triggered on sustaining below 26940 . Bank Nifty triggered our long trade at opening and did 100 points and then took our stoploss . It then triggered our short trade and did 100 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 today Bank Nifty took resistance near our initial targets and reversed. Now in the coming session Bank Nifty needs to break and sustain above 27205 - 27240 to move up further else breaking and sustaining below 26805 we might see a move back till 26665 - 26630 again.

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 today completed our initial targets with a high of 27187.15 .  Now in the coming sessions Bank Nifty has to sustain / close above 27170 for the further upmove till 27485 - 27835 else breaking below 26805 we might see a move back to 26665 - 26630 .

Now in the coming session Bank Nifty needs to break and sustain above 26955 to test 27030 - 27050 initially and sustaining above it we can see a further upmove till 27115 - 27185. Similarly breaking and sustaining below 26805 we can see a test of 26730 - 26715 initially and breaking and sustaining below it we can see a further correction till 26650 - 26575. 


Bank Nifty Spot Levels for the day are

Long above 26955 for 27000 - 27050 - 27185 , SL 26855

Short below 26805 for 26765 - 26715 -  26575 , SL 26905

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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.