Wednesday, 8 August 2018

Bank Nifty Spot Outlook for 09th Aug

BANK NIFTY


In the previous session Bank Nifty spot opened at 27930.55 , it made a low of 27858.75 , then made a new lifetime high of 28128.65,  before closing at 28062.45

Had mentioned that long trade for the day will get triggered on sustaining above 27955 and short trade for the day will get triggered on sustaining below 27795 . Bank Nifty triggered our long trade at and did 160 points . 

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 on sustaining above 27910 made a high of 28128.65 near our initial weekly long targets of 28135 - 28195 . 
 
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 new life high of 28128.65 and closed marginally below 28075 missing to give the first close for monthly longs .Sustaining above 28075 in the coming session we can expect Bank Nifty to test 28405 - 28490 and if its fails to break and sustain / close 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 28135 to test 28215 - 28235 initially and sustaining above it we can see a further upmove till 28305 - 28380. Similarly breaking and sustaining below 27985 we can see a test of 27910 - 27890 initially and breaking and sustaining below it we can see a further correction till 27820 - 27750 . 


Bank Nifty Spot Levels for the day are

Long above 28135 for 28185 - 28235 - 28380 , SL 28040

Short below 27985 for 27940 - 27890 -  27750 , SL 28085

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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.