Bank Nifty Spot Outlook for 16th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 27864.40 , it made a low of 27854.90 , then made a high of 28053.05 before closing at 28021.70

Had mentioned that long trade for the day will get triggered on sustaining above 27885 and short trade for the day will get triggered on sustaining below 27705 . Bank Nifty triggered our long trade and did 150 points . 

As mentioned in the previous post " In the coming week Bank Nifty needs to break and sustain / close above 28335 to test 28555 - 28615 initially and above it we can see a test of 28805 - 29015 . Similarly Bank Nifty needs to break and sustain / close below 27915 to test 27690 - 27635 initially and below it we can see a test of 27445 - 27235.", Bank Nifty triggered our weekly shorts on Monday and those who are short should keep a cbsl of 28060 for our initial targets at 27690 - 27635 in the coming sessions. 

 

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 . " , and  Bank Nifty has made a new life high of 28377.90 nearly testing our initial targets of 28405 - 28490 and reversed to take our positional cbsl at 27860 as mentioned in the weekly post. Now Bank Nifty has immediate support near 27690 - 27635 and immediate resistance at 28075 - 28125 .  

Now in the coming session Bank Nifty needs to break and sustain above 28115 to test 28210 - 28230 initially and sustaining above it we can see a further upmove till 28315 - 28405. Similarly breaking and sustaining below 27930 we can see a test of 27835 - 27815 initially and breaking and sustaining below it we can see a further correction till 27730 - 27640 

Bank Nifty Spot Levels for the day are

Long above 28115 for 28170 - 28230 - 28405 , SL 27995

Short below 27930 for 27875 - 27815 -  27640 , SL 28050

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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.