Tuesday, 7 August 2018

Bank Nifty Spot Outlook for 08th Aug

BANK NIFTY


In the previous session Bank Nifty spot opened at 27972.95 , it made a high of 27988.20 , then made a  low of 27827.30 ,  before closing at 27875.90 .

Had mentioned that long trade for the day will get triggered on sustaining above 27980 and short trade for the day will get triggered on sustaining below 27815 . Bank Nifty initially triggered our long trade at opening but did not sustain and reversed immediately . Post that the entire session Bank Nifty traded between 27815 - 27980 which was the short and long trigger levels for the day indicating indecisiveness . 

As mentioned before " 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." , and Bank Nifty has broken above 27910 in the last 2 consecutive sessions but has failed to give a close above to confirm weekly longs. 
 
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 has made a high of 27994 and has been unable to break above 27955 - 28075 zone which will can take it further up . If Bank Nifty fails to break and sustain above 28075 in the coming sessions then we can see a pullback till 27525 - 27450 again.

Now in the coming session Bank Nifty needs to break and sustain above 27955 to test 28045 - 28070 initially and sustaining above it we can see a further upmove till 28145 - 28225. Similarly breaking and sustaining below 27795 we can see a test of 27705 - 27685 initially and breaking and sustaining below it we can see a further correction till 27610 - 27530 . 


Bank Nifty Spot Levels for the day are

Long above 27955 for 28010 - 28070 - 28225 , SL 27850

Short below 27795 for 27745 - 27685 -  27530 , SL 27900

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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.