Bank Nifty Spot Outlook for 09th May

BANK NIFTY

In the previous session Bank Nifty spot opened at 29261.30 which was also its high, it made a low of 28951.35 ,  before closing at 28994.40

Had mentioned that long trade for the day will get triggered on sustaining above 29400 and short trade for the day will get triggered on sustaining below 29175 .Bank Nifty triggered our short trade  and did 200+ 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. 

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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 weekly short trade on Monday and had completed our initial targets and today it made a low of 28951.35 nearly testing our next targets of 28885 - 28555

Bank Nifty has its next support zone near 28885 - 28555 and it needs to hold these levels for a bounce in the coming sessions. 

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. 

Bank Nifty has triggered our monthly short trade and we need a consecutive close below 29025 for a test of the initial target of 28245 - 28050.

Now in the coming session Bank Nifty needs to break and sustain above 29110 to test 29230 - 29260 initially and sustaining above it we can see a further upmove till 29365 - 29480. Similarly breaking and sustaining below 28880 we can see a test of 28760 - 28730 initially and sustaining below it we can see a further correction till 28625 - 28510.

Bank Nifty Spot Levels for the day are

Long above 29110 for 29180 - 29260 - 29480 , SL 29030

Short below 28880 for 28810 - 28730 - 28510 , SL 28960

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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.