Wednesday, 5 September 2018

Bank Nifty Spot Outlook for 06th Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 27409.30, made a high of 27506.30, then made a low of 27136.05 before closing at 27376.05 .

Had mentioned that long trade for the day will get triggered on sustaining above 27515 and short trade for the day will get triggered on sustaining below 27345 . Bank Nifty triggered our short trade and did 200 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 completed all our weekly targets giving 600 points from the weekly short trade . Bank Nifty did not give a close below 27140 to carry shorts and made a low of 27136.05 and bounced back today. 

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 completed our initial targets of 27255 - 27150 after confirming our monthly short trade giving 550 points till now . Now Bank Nifty needs to sustain / close below 27150 for the next move till 26790 - 26395 and holding above 27255 we can see a move back till 27450 - 27620 . 

Now in the coming session Bank Nifty needs to break and sustain above 27460 to test 27540 - 27560 initially and sustaining above it we can see a further upmove till 27635 - 27715. Similarly breaking and sustaining below 27295 we can see a test of 27210 - 27190 initially and breaking and sustaining below it we can see a further correction till 27115 - 27035 .


Bank Nifty Spot Levels for the day are

Long above 27460 for 27505 - 27560 - 27715 , SL 27350

Short below 27295 for 27245 - 27190 - 27035 , SL 27400

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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.