Monday, 23 July 2018

Bank Nifty Spot Outlook for 24th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 26701.30 , it made a low of 26671.35 , then made a high of 27040.10,  before closing at 27008.15

Had mentioned that long trade for the day will get triggered on sustaining above 26940 and short trade for the day will get triggered on sustaining below 26805 . Bank Nifty triggered our short trade by opening 170 points lower and did not give a chance to enter . Bank Nifty then triggered our long trade and completed 100 points  .

Had mentioned in the previous post that " 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 ." , and today Bank Nifty made a flash low of 26671.35 and bounced back to make a high of 27040.10 and did not trigger our weekly long trade inspite of Nifty triggering our weekly long trade.

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 27075 to test 27150 - 27165 initially and sustaining above it we can see a further upmove till 27225 - 27295. Similarly breaking and sustaining below 26940 we can see a test of 26870 - 26850 initially and breaking and sustaining below it we can see a further correction till 26790 - 26725. 


Bank Nifty Spot Levels for the day are

Long above 27075 for 27120 - 27165 - 27295 , SL 26985

Short below 26940 for 26900 - 26850 -  26725 , SL 27030

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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.