Monday, 30 July 2018

Bank Nifty Spot Outlook for 30th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 27497.80 , it made a low of 27455 , then made a new life time high of 27661.05 ,  before closing at 27634.40

Had mentioned that long trade for the day will get triggered on sustaining above 27480 and short trade for the day will get triggered on sustaining below 27330 . Bank Nifty triggered our long trade and did 180 points .

In the coming week Bank Nifty needs to break and sustain / close above 27805 to test 27990 - 28035 initially and above it we can see a test of 28195 - 28365 . Similarly Bank Nifty needs to break and sustain / close below 27460 to test 27275 - 27230 initially and below it we can see a test of 27075 - 26980.  

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 triggered our monthly longs and has now made a high of 27661.05 nearly completing our next targets of 27485 - 27835. Bank Nifty is now approaching its resistance zone at 27790 - 28200 zone which will decide the further upmove.

Now in the coming session Bank Nifty needs to break and sustain above 27700 to test 27770 - 27785 initially and sustaining above it we can see a further upmove till 27845 - 27910. Similarly breaking and sustaining below 27570 we can see a test of 27500 - 27485 initially and breaking and sustaining below it we can see a further correction till 27425 - 27360 . 


Bank Nifty Spot Levels for the day are

Long above 27700 for 27740 - 27785 - 27910 , SL 27615

Short below 27570 for 27530 - 27485 -  27360 , SL 27655

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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.