Tuesday, 7 May 2019

Bank Nifty Spot Outlook for 08th May

BANK NIFTY


In the previous session Bank Nifty spot opened at 29749.55, made a high of 29835.50  , it made a low of 29244.25 ,  before closing at 29288.20

Had mentioned that long trade for the day will get triggered on sustaining above 29745 and short trade for the day will get triggered on sustaining below 29495 .Bank Nifty initially  triggered our long trade with a gap up and completed just 1 target and reversed to take our TSL. It then triggered our short trade and did 225+ points.


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30285 and then enter for a initial target of 30635 - 30720 and look to hold further only on sustaining or getting a close above 30720 for the next targets of 31020 - 31350. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29625 and then enter for a initial target of 29275 - 29190 and look to hold further only on sustaining or getting a close below 29190 for the next targets of 28885 - 28555.






Bank Nifty had triggered our short trade in the previous session and today completed our initial targets . Now it needs to sustain below 29190 in the coming session for further correction till 28885 - 28555

Bank Nifty today closed well below its immediate support at 29525 - 29425 and we can see it test its monthly short trigger at 29025 in the coming session on sustaining below 29190 . 

On the upside Bank Nifty has immediate resistance near 31000 - 31075 and it needs to give a strong close above it for a further upmove towards 31500+ 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. 


Now in the coming session Bank Nifty needs to break and sustain above 29400 to test 29520 - 29550 initially and sustaining above it we can see a further upmove till 29655 - 29770. Similarly breaking and sustaining below 29175 we can see a test of 29055 - 29025 initially and sustaining below it we can see a further correction till 28925 - 28810.



Bank Nifty Spot Levels for the day are

Long above 29400 for 29470 - 29550 - 29770 , SL 29320

Short below 29175 for 29105 - 29025 - 28810 , SL 29255

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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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