Monday, 30 July 2018

Bank Nifty Spot Outlook for 31st Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 27767.45 , it made a low of 27605.75 , then made a new life time high of 27873.70 ,  before closing at 27842.60

Had mentioned that long trade for the day will get triggered on sustaining above 27700 and short trade for the day will get triggered on sustaining below 27570 . Bank Nifty triggered our long trade and did 170 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 27873.70 completing our next targets of 27485 - 27835 for the month . Bank Nifty has now entered the resistance zone at 27790 - 28200 zone and breaking and sustaining above it will decide the further upmove.

Now in the coming session Bank Nifty needs to break and sustain above 27905 to test 27965 - 27985 initially and sustaining above it we can see a further upmove till 28035 - 28095. Similarly breaking and sustaining below 27780 we can see a test of 27720 - 27700 initially and breaking and sustaining below it we can see a further correction till 27650 - 27590 . 


Bank Nifty Spot Levels for the day are

Long above 27905 for 27940 - 27985 - 28095 , SL 27825

Short below 27780 for 27745 - 27700 -  27590 , SL 27860

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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.