Wednesday, 22 August 2018

Bank Nifty Spot for 23rd Aug

BANK NIFTY


In the previous session Bank Nifty spot opened at 28295.85 , made a high of 28305.95 , then made a low of 28151.90 before closing at 28257.90

Had mentioned that long trade for the day will get triggered on sustaining above 28360 and short trade for the day will get triggered on sustaining below 28190 . Bank Nifty triggered our short and did just 50 points then traded sideways. 

As mentioned in the previous post "In this week Bank Nifty needs to break and sustain / close above 28355 to test 28595 - 28655 initially and above it we can see a test of 28865 - 29090 . Similarly Bank Nifty needs to break and sustain / close below 27900 to test 27660 - 27600 initially and below it we can see a test of 27395 - 27165." , and Bank Nifty is yet to confirm its weekly longs though Nifty has already confirmed .
 
Had mentioned previously " For the month of August ,Bank Nifty longs will get confirmed with a consecutive close above 28075 for a initial target of 28405 - 28490 and sustaining / closing above it we can see a further test of 28775 - 29085 . Similarly , shorts will get confirmed with a consecutive close below  27450 for a initial target of 27125 - 27040 and sustaining / closing below it we can see a further move till 26755 - 26445 . " , and  Bank Nifty has confirmed our monthly longs after the whipsaws of last week and holding above 28075 we can see a test of its immediate resistance of 28355 - 28425 . 

Now in the coming session Bank Nifty needs to break and sustain above 28345 to test 28435 - 28455 initially and sustaining above it we can see a further upmove till 28530 - 28615. Similarly breaking and sustaining below 28170 we can see a test of 28085 - 28060 initially and breaking and sustaining below it we can see a further correction till 27985 - 27900


Bank Nifty Spot Levels for the day are

Long above 28345 for 28395 - 28455 - 28615 , SL 28230

Short below 28170 for 28120 - 28060 -  27900 , SL 28285

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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.