Bank Nifty Spot Outlook for 07th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 27769.55 , it made a low of 27766.05 , then made a high of 27994 ,  before closing at 27898.50 .

Had mentioned that long trade for the day will get triggered on sustaining above 27775 and short trade for the day will get triggered on sustaining below 27615 . Bank Nifty triggered our long trade and did 200 points .

In the coming week Bank Nifty needs to break and sustain / close above 27910 to test 28135 - 28195 initially and above it we can see a test of 28385 - 28600 . Similarly Bank Nifty needs to break and sustain / close below 27480 to test 27255 - 27195 initially and below it we can see a test of 27005 - 26790. 

 

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  Bank Nifty made a low of 27327.95 before bouncing back again to close near 26700 .

Now in the coming session Bank Nifty needs to break and sustain above 27980 to test 28065 - 28085 initially and sustaining above it we can see a further upmove till 28160 - 28240. Similarly breaking and sustaining below 27815 we can see a test of 27730 - 27710 initially and breaking and sustaining below it we can see a further correction till 27635 - 27555 . 

Bank Nifty Spot Levels for the day are

Long above 27980 for 28030 - 28085 - 28240 , SL 27870

Short below 27815 for 27765 - 27710 -  27555 , SL 27925

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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.