Bank Nifty Spot Outlook for 27th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 27954.25 , made a high of 28122.75 , then made a low of 27782.80 before closing at 27834.70

Had mentioned that long trade for the day will get triggered on sustaining above 28115 and short trade for the day will get triggered on sustaining below 27940 . Bank Nifty triggered our long trade and did not sustain . It then triggered our short trade and did just 150 points . 

In this week Bank Nifty needs to break and sustain / close above 28050 to test 28280 - 28335 initially and above it we can see a test of 28530 - 28745 . Similarly Bank Nifty needs to break and sustain / close below 27620 to test 27390 - 27335 initially and below it we can see a test of 27140 - 26925.

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 now has stiff resistance near 28355 - 28415 and unless it closes above it we can expect it to trade sideways between 27450 - 28405 for now . 

Now in the coming session Bank Nifty needs to break and sustain above 27915 to test 28005 - 28025 initially and sustaining above it we can see a further upmove till 28100 - 28180. Similarly breaking and sustaining below 27755 we can see a test of 27665 - 27645 initially and breaking and sustaining below it we can see a further correction till 27570 - 27490

Bank Nifty Spot Levels for the day are

Long above 27915 for 27965 - 28025 - 28180 , SL 27810

Short below 27755 for 27705 - 27645 -  27490 , SL 27860

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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.