Thursday, 20 September 2018

Bank Nifty Spot Outlook for 21st Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 26532, made a high of 26611.60, then made a low of 26235.70 before closing at 26277.35

Had mentioned that long trade for the day will get triggered on sustaining above 26530 and short trade for the day will get triggered on sustaining below 26350 . Bank Nifty triggered our long trade initially and completed just 1 target and took our TSL . It then triggered our short trade and completed 2 targets .

As mentioned " 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. " , and Bank Nifty had triggered our weekly short trade in the previous session and today made a low of 26235.70 nearly completing  our next short target zone of 26410 - 26175 and gave us nearly 700 points . Those who are holding shorts from the previous session should have booked their positions. 

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 completed our next targets of 26790 - 26395 with a low of 26235.70  giving 1250+ points from the monthly short trade  . Those who were holding monthly shorts should have booked their short positions as all monthly short targets are done . Now Bank Nifty needs to sustain / close above 26365 - 26395 for a pull back move till 26655 - 26790 initially and further correction can be expected on sustaining below 26185 we can see a move till 26070 - 25990  . 

Now in the coming session Bank Nifty needs to break and sustain above 26365 to test 26460 - 26485 initially and sustaining above it we can see a further upmove till 26565 - 26655. Similarly breaking and sustaining below 26185 we can see a test of 26095 - 26070 initially and sustaining below it we can see a further correction till 25990 - 25900 .


Bank Nifty Spot Levels for the day are

Long above 26365 for 26425 - 26485 - 26655 , SL 26250

Short below 26185 for 26135 - 26070 - 25900 , SL 26305

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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.