Bank Nifty Spot Outlook for 24th May

BANK NIFTY

In the previous session Bank Nifty spot opened at 30962.80, made a new lifetime high of 31705.00, it made a low of 30292.35 ,  before closing at 30409.10

Had mentioned that long trade will get triggered for the day on sustaining above 30725 and short trade will get triggered for the day on sustaining below 30330. Bank Nifty triggered our long trade with a gap up and completed all our day targets and exceeded it by 350+ points. 

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. 

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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 and exceeded it with a high of 31705 .

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. 

Bank Nifty had closed above its immediate resistance of 30220 - 30505 on Wednesday and completed its next targets of 31280 - 31480 . 

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 failed to give a consecutive close above 30505 today after closing above it on Wednesday to confirm our monthly long trade. 

Now with the major domestic event over , the focus will be back to earnings and growth again to find fresh triggers to move the markets.

Now in the coming session Bank Nifty needs to break and sustain above 30610 to test 30825 - 30875 initially and sustaining above it we can see a further upmove till 31060 - 31260. Similarly breaking and sustaining below 30210 we can see a test of 29995 - 29945 initially and sustaining below it we can see a further correction till 29760 - 29560

Bank Nifty Spot Levels for the day are

Long above 30610 for 30735 - 30875 - 31260 , SL 30470

Short below 30210 for 30085 - 29945 - 29560 , SL 30350

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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.