Bank Nifty Spot Outlook for 21st Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 28171.65 which was also the low for the day , then made a high of 28322.30 before closing at 28274.25

Had mentioned that long trade for the day will get triggered on sustaining above 28215 and short trade for the day will get triggered on sustaining below 28040 . Bank Nifty triggered our long trade and did 100 points . 

As mentioned in the previous post "In this week Bank Nifty needs to break and sustain / close above 28355 to test 28595 - 28655 initially and above it we can see a test of 28865 - 29090 . Similarly Bank Nifty needs to break and sustain / close below 27900 to test 27660 - 27600 initially and below it we can see a test of 27395 - 27165." , and Bank Nifty is yet to confirm its weekly longs though Nifty has already confirmed .

 

Had mentioned previously " 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 confirmed our monthly longs after the whipsaws of last week and holding above 28075 we can see a test of its immediate resistance of 28355 - 28425 . 

Now in the coming session Bank Nifty needs to break and sustain above 28360 to test 28450 - 28470 initially and sustaining above it we can see a further upmove till 28550 - 28635. Similarly breaking and sustaining below 28190 we can see a test of 28100 - 28080 initially and breaking and sustaining below it we can see a further correction till 28000 - 27915 

Bank Nifty Spot Levels for the day are

Long above 28360 for 28410 - 28470 - 28635 , SL 28250

Short below 28190 for 28140 - 28080 -  27915 , SL 28300

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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.