Tuesday, 4 September 2018

Bank Nifty Spot Outlook for 05th Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 27845.55, made a high of 27875.15, then made a low of 27385.85 before closing at 27430.75 .

Had mentioned that long trade for the day will get triggered on sustaining above 27895 and short trade for the day will get triggered on sustaining below 27745 . Bank Nifty triggered our short trade and did 360 points after taking resistance near our long trigger . 

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 had triggered our short trade on Monday and today tested our next targets of 27450 - 27260 with a low of 27385.85 .  Those who are holding shorts should trail their cbsl to 27755 and look to book near 27300 - 27260 and hold further only on getting a close below 27140 with a further trailing stoploss of 27425 .

As mentioned " 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 . " , and Bank Nifty has given a close below 27670 and holding below it we can see a move till our initial targets of 27255 - 27150 in the coming sessions.

Now in the coming session Bank Nifty needs to break and sustain above 27515 to test 27600 - 27620 initially and sustaining above it we can see a further upmove till 27695 - 27780. Similarly breaking and sustaining below 27345 we can see a test of 27260 - 27240 initially and breaking and sustaining below it we can see a further correction till 27165 - 27080 .


Bank Nifty Spot Levels for the day are

Long above 27515 for 27565 - 27620 - 27780 , SL 27405

Short below 27345 for 27295 - 27240 - 27080 , SL 27455

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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.