Bank Nifty Spot Outlook for 29th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 28379.90 , made a new life time high of 28388.65 , then made a low of 28152.70 before closing at 28269.65

Had mentioned that long trade for the day will get triggered on sustaining above 28365 and short trade for the day will get triggered on sustaining below 28165 . Bank Nifty triggered both our long trade and short trade today but did not sustain on either side and took the stoploss.

Had mentioned " 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.", and Bank Nifty triggered our weekly long trade and completed our initial targets . Now in the coming sessions Bank Nifty needs to break and sustain above 28335 to move towards the next targets else we might see it dip towards the immediate support zone of 27970 - 28050 .

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 in the coming sessions we can expect it to trade sideways again between 27450 - 28405 for now . 

Now in the coming session Bank Nifty needs to break and sustain above 28355 to test 28450 - 28470 initially and sustaining above it we can see a further upmove till 28550 - 28635. Similarly breaking and sustaining below 28180 we can see a test of 28090 - 28070 initially and breaking and sustaining below it we can see a further correction till 27990 - 27905 .

Bank Nifty Spot Levels for the day are

Long above 28355 for 28410 - 28470 - 28635 , SL 28240

Short below 28180 for 28130 - 28070 -  27905 , SL 28295

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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.