Tuesday, 21 May 2019

Bank Nifty Spot Outlook for 22nd May

BANK NIFTY


In the previous session Bank Nifty spot opened at 30862.10, made a new lifetime high of 30926.70, it made a low of 30265.10 ,  before closing at 30308.40




For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29765 and then enter for a initial target of 30100 - 30185 and look to hold further only on sustaining or getting a close above 30185 for the next targets of 30475 - 30780. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29135 and then enter for a initial target of 28800 - 28715 and look to hold further only on sustaining or getting a close below 28715 for the next targets of 28425 - 28110.

Bank Nifty triggered our weekly long trade and completed all targets with a high of 30926.70 .






Had mentioned in the previous week " Bank Nifty has its immediate support zone near 28885 - 28555 and it needs to hold these levels for a bounce in the coming sessions." , and Bank Nifty made a low of 28525.45 and held its support on closing and bounced back strongly with the exit polls giving a majority to the ruling party. 

On the upside Bank Nifty has immediate resistance near 30220 - 30505 and it needs to give a strong close above it for the bounce to extend towards 31280 - 31480 levels


For the month of May , longs will be confirmed in Bank Nifty with a consecutive close above 30505 for a initial target of 31285 - 31480 and sustaining / closing above it we can see a further move till 32155 - 32890 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29025 for a initial target of 28245 - 28050 and sustaining / closing below it we can see a further move till 27380 - 26640. 


Bank Nifty had confirmed our monthly short trade and was holding stronger than Nifty and took our trailing stoploss. 

Now in the coming session Bank Nifty needs to break and sustain above 30510 to test 30720 - 30775 initially and sustaining above it we can see a further upmove till 30955 - 31155. Similarly breaking and sustaining below 30110 we can see a test of 29895 - 29845 initially and sustaining below it we can see a further correction till 29660 - 29460



Bank Nifty Spot Levels for the day are

Long above 30510 for 30630 - 30775 - 31155 , SL 30370

Short below 30110 for 29985 - 29845 - 29460 , SL 30245


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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.

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