Bank Nifty Spot Outlook for 16th May

BANK NIFTY

In the previous session Bank Nifty spot opened at 28925.45, made a high of 28983.15, it made a low of 28555.15 ,  before closing at 28616.45

Had mentioned that long trade for the day will get triggered on sustaining above 28915 and short trade for the day will get triggered on sustaining below 28740 .Bank Nifty initially triggered our long trade and completed just 1 target and reversed to take our TSL. It then triggered our short trade and did 175+ points .

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29305 and then enter for a initial target of 29585 - 29655 and look to hold further only on sustaining or getting a close above 29655 for the next targets of 29900 - 30160. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 28775 and then enter for a initial target of 28495 - 28425 and look to hold further only on sustaining or getting a close below 28425 for the next targets of 28185 - 27920.

Bank Nifty had triggered our weekly short trade and sustaining below 28775 has made a low of 28555.15 coming close to our initial target zone of 28495 - 28425 .

Had mentioned in the previous post " 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 today made a low of 28555.15 and tested the lower end of the support zone. 

On the upside Bank Nifty has immediate resistance near 29305 - 29425 and it needs to give a strong close above it for a bounce.

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 confirmed our monthly short trade and is holding slightly stronger than Nifty and now has resistance near 29270 - 29310 on a bounce. Sustaining below 29025 it remains weak and can move towards our initial monthly short targets . 

Now in the coming session Bank Nifty needs to break and sustain above 28705 to test 28795 - 28820 initially and sustaining above it we can see a further upmove till 28900 - 28985. Similarly breaking and sustaining below 28530 we can see a test of 28435 - 28415 initially and sustaining below it we can see a further correction till 28335 - 28245.

Bank Nifty Spot Levels for the day are

Long above 28705 for 28760 - 28820 - 28985 , SL 28645

Short below 28530 for 28475 - 28415 - 28245 , SL 28590

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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.