Thursday, 26 July 2018

Bank Nifty Spot Outlook for 27th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 27054.70 , it made a low of 27045.05 , then made a high of 27455.10 ,  before closing at 27406.40

Had mentioned that long trade for the day will get triggered on sustaining above 27095 and short trade for the day will get triggered on sustaining below 26970 . Bank Nifty triggered our long trade and did 350 points today giving a expected bigger move as mentioned in the previous post.  

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 gave a bigger move as expected and made a high of 27455.10 testing our next weekly longs targets 

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 we had seen Bank Nifty complete our initial targets of 27080 - 27170 with a high of 27187.15 last week . Now sustaining above 27170 we saw Bank Nifty make a high of 27455.10 nearly testing our next targets of 27485 - 27835 . 

Now in the coming session Bank Nifty needs to break and sustain above 27480 to test 27565 - 27585 initially and sustaining above it we can see a further upmove till 27650 - 27725. Similarly breaking and sustaining below 27330 we can see a test of 27250 - 27230 initially and breaking and sustaining below it we can see a further correction till 27160 - 27085 . 


Bank Nifty Spot Levels for the day are

Long above 27480 for 27530 - 27585 - 27725 , SL 27380

Short below 27330 for 27285 - 27230 -  27085 , SL 27430

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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.