Thursday, 2 August 2018

Bank Nifty Spot Outlook for 02nd Aug

BANK NIFTY


In the previous session Bank Nifty spot opened at 27684.80 , it made a high of 27820.15 , then made a low of 27477.90 ,  before closing at 27596.60.

Had mentioned that long trade for the day will get triggered on sustaining above 27820 and short trade for the day will get triggered on sustaining below 27705 . Bank Nifty triggered our short trade and did 230 points .

Had mentioned in the previous post " 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." , and so far Bank Nifty has been unable to break and sustain beyond the range of 27460 - 27805 this week.  

In July Bank Nifty triggered our monthly longs above 26715 and made a high of 27873.70 testing our last targets of 27485 - 27835 giving us 1150 points from the positional trade .
 
Had mentioned in the previous post " 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 . Bank Nifty currently has resistance near 27955 - 28075 and it needs to break and sustain / close above it for further upmove else we might pull back till 27570 - 27460 initially ." , and today Bank Nifty made a low of 27477.90 

Now in the coming session Bank Nifty needs to break and sustain above 27655 to test 27725 - 27740 initially and sustaining above it we can see a further upmove till 27795 - 27855. Similarly breaking and sustaining below 27535 we can see a test of 27470 - 27455 initially and breaking and sustaining below it we can see a further correction till 27400 - 27340 . 


Bank Nifty Spot Levels for the day are

Long above 27655 for 27695 - 27740 - 27855 , SL 27575

Short below 27535 for 27500 - 27455 -  27340 , SL 27615

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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.