Friday, 24 August 2018

Bank Nifty Spot Outlook for 24th Aug

BANK NIFTY


In the previous session Bank Nifty spot opened at 28321.95 , made a high of 28325.45 , then made a low of 27965.35 before closing at 28027.90

Had mentioned that long trade for the day will get triggered on sustaining above 28345 and short trade for the day will get triggered on sustaining below 28170 . Bank Nifty triggered our short and did just 200 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 or shorts and is trading sideways though Nifty has already confirmed longs and done 100 points. Now in the coming sessions either Bank Nifty has to catch up with a upmove or we might see Nifty come down too.
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 28115 to test 28210 - 28230 initially and sustaining above it we can see a further upmove till 28310 - 28395. Similarly breaking and sustaining below 27940 we can see a test of 27850 - 27825 initially and breaking and sustaining below it we can see a further correction till 27745 - 27660


Bank Nifty Spot Levels for the day are

Long above 28115 for 28170 - 28230 - 28395 , SL 28000

Short below 27940 for 27885 - 27825 -  27660 , SL 28055

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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.