Sunday, 16 September 2018

Bank Nifty Spot Outlook for 17th Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 27059.85, made a low of 26989.80 , then made a high of 27205.75 before closing at 27163.85

Had mentioned that long trade for the day will get triggered on sustaining above 26885 and short trade for the day will get triggered on sustaining below 26755 . Bank Nifty opened above our long trigger and did 300 points .

In this week Bank Nifty needs to break and sustain / close above 27400 to test 27645 - 27710 initially and above it we can see a test of 27920 - 28155 . Similarly Bank Nifty needs to break and sustain / close below 26930 to test 26685 - 26620 initially and below it we can see a test of 26410 - 26175. 

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 had triggered our short trade below 27670 and today tested our next targets of 26790 - 26395 with a low of 26555.15 giving 1100 points from the monthly short trade till . Also as mentioned in the previous session " Now Bank Nifty needs to sustain / close above 26715 -26775 for a bounce back to 27150 - 27250 and sustaining / closing below 26715 we can see a move till 26655 - 26550 ." , and we saw Bank Nifty bounce back to make a high of 27205.75 within our expected range of 27150 - 27250 . Now Bank Nifty needs to sustain / close above 27350 - 27425 for a further move till 27550 - 27610 . 

Now in the coming session Bank Nifty needs to break and sustain above 27255 to test 27345 - 27370 initially and sustaining above it we can see a further upmove till 27450 - 27540. Similarly breaking and sustaining below 27075 we can see a test of 26985 - 26960 initially and breaking and sustaining below it we can see a further correction till 26880 - 26790 .


Bank Nifty Spot Levels for the day are

Long above 27255 for 27305 - 26370 - 27540 , SL 27135

Short below 27075 for 27020 - 26960 - 26790 , SL 27190

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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.