Monday, 3 September 2018

Bank Nifty Spot Outlook for 04th Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 28199.45, made a high of 28203.20, then made a low of 27777.40 before closing at 27819.40 .

Had mentioned that long trade for the day will get triggered on sustaining above 28135 and short trade for the day will get triggered on sustaining below 27990 . Bank Nifty opened gap up and did not give longs a chance to trade .It then triggered our short trade and did 200 points .

As mentioned " In this week Bank Nifty needs to break and sustain / close above 28250 to test 28455 - 28505 initially and above it we can see a test of 28675 - 28865 . Similarly Bank Nifty needs to break and sustain / close below 27870 to test 27670 - 27620 initially and below it we can see a test of 27450 - 27260.", and Bank Nifty triggered our short trade with a close below 27870 . Those who are holding shorts should keep a cbsl of 28005 and further trail it to 27755 on sustaining / closing below 27670 .

For the month of September ,Bank Nifty longs will get confirmed with a consecutive close above 28455 for a initial target of 28870 - 28975 and sustaining / closing above it we can see a further test of 29335 - 29725 . Similarly , shorts will get confirmed with a consecutive close below  27670 for a initial target of 27255 - 27150 and sustaining / closing below it we can see a further move till 26790 - 26395 . 

Now in the coming session Bank Nifty needs to break and sustain above 27895 to test 27970 - 27990 initially and sustaining above it we can see a further upmove till 28055 - 28130. Similarly breaking and sustaining below 27745 we can see a test of 27670 - 27650 initially and breaking and sustaining below it we can see a further correction till 27585 - 27510 .


Bank Nifty Spot Levels for the day are

Long above 27895 for 27940 - 27990 - 28130 , SL 27795

Short below 27745 for 27700 - 27650 - 27510 , SL 27845

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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.