Sunday, 23 September 2018

Bank Nifty Spot Outlook for 24th Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 26331.05, made a high of 26490.40, then made a low of 25053.35 before closing at 25596.90

Had mentioned that long trade for the day will get triggered on sustaining above 26365 and short trade for the day will get triggered on sustaining below 26185 . Bank Nifty initially triggered our long trade initially and completed 2 target and took our TSL . It then triggered our short trade and completed all targets and exceeded it by quite a bit due to the panic selling seen in financial sector stocks.

In this week Bank Nifty needs to break and sustain / close above 25875 to test 26165 - 26235 initially and above it we can see a test of 26490 - 26765 . Similarly Bank Nifty needs to break and sustain / close below 25320 to test 25030 - 24955 initially and below it we can see a test of 24705 - 24430. 

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 completed all our short targets giving 1250+ points from the monthly short trade  . Bank Nifty further exceeded our short targets by a further 1300 points due to the panic selling in the financial sector stocks . 

Now in the coming session Bank Nifty needs to break and sustain above 25700 to test 25810 - 25840 initially and sustaining above it we can see a further upmove till 25935 - 26035. Similarly breaking and sustaining below 25495 we can see a test of 25385 - 25355 initially and sustaining below it we can see a further correction till 25260 - 25155 .


Bank Nifty Spot Levels for the day are

Long above 25700 for 25765 - 25840 - 26035 , SL 25565

Short below 25495 for 25430 - 25355 - 25155 , SL 25630

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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.