Thursday, 27 September 2018

Bank Nifty Spot Outlook for 28th Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 25442.10, made a high of 25452.50, then made a low of 25007.05,  before closing at 25042.15

Had mentioned that long trade for the day will get triggered on sustaining above 25510 and short trade for the day will get triggered on sustaining below 25240 . Bank Nifty triggered our short trade and did 220 points

As mentioned " 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. " , and Bank Nifty had triggered our weekly short trade in the previous session and completed our next targets with a low of 24678.25 .Now in the coming session Bank Nifty has support near 24955 which needs to broken and sustained for a further move till 24705 - 24430 . Holding the support near 24955 we can see a bounce back till 25320 .

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 has exceeded our short targets by a further 1450 points now with todays dip  . 

Now in the coming session Bank Nifty needs to break and sustain above 25175 to test 25315 - 25350 initially and sustaining above it we can see a further upmove till 25470 - 25605. Similarly breaking and sustaining below 24910 we can see a test of 24770 - 24735 initially and sustaining below it we can see a further correction till 24615 - 24480 .


Bank Nifty Spot Levels for the day are

Long above 25175 for 25255 - 25350 - 25605 , SL 25080

Short below 24910 for 24830 - 24735 - 24480 , SL 25000

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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.