Monday, 23 July 2018

Bank Nifty Spot Outlook for 23rd Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 26764.40 , it made a low of 26718.60 , then made a low of 26946.55,  before closing at 26873.20

Had mentioned that long trade for the day will get triggered on sustaining above 26865 and short trade for the day will get triggered on sustaining below 26715 . Bank Nifty triggered our long trade and did 75 points .

In the coming week Bank Nifty needs to break and sustain / close above 27050 to test 27240 - 27290 initially and above it we can see a test of 27450 - 27630 . Similarly Bank Nifty needs to break and sustain / close below 26695 to test 26505 - 26460 initially and below it we can see a test of 26295 - 26115.  Now in this week Bank Nifty has support near 26630 and resistance near 27200 and it has been trading in the range of 26630 - 27200 which needs to be broken and sustained on either side for a bigger move . 

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 " . Now in the coming sessions Bank Nifty has to sustain / close above 27170 for a further upmove till 27485 - 27835 else breaking and sustaining below 26805 we might see a move back to 26665 - 26630 .

Now in the coming session Bank Nifty needs to break and sustain above 26940 to test 27010 - 27030 initially and sustaining above it we can see a further upmove till 27090 - 27160. Similarly breaking and sustaining below 26805 we can see a test of 26735 - 26715 initially and breaking and sustaining below it we can see a further correction till 26655 - 26585. 


Bank Nifty Spot Levels for the day are

Long above 26940 for 26985 - 27030 - 27160 , SL 26850

Short below 26805 for 26765 - 26715 -  26585 , SL 26895

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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.