Friday, 31 May 2019

Bank Nifty Spot Outlook for 31st May

BANK NIFTY


In the previous session Bank Nifty spot opened at 31256.85, made a low of 31236.10, it made a high of 31619.25 ,  before closing at 31537.10

Had mentioned that long trade will get triggered for the day on sustaining above 31510 and short trade will get triggered for the day on sustaining below 31085. Bank Nifty triggered our long trade and did 100 points nearly completing just 1 target . 




For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31750 and then enter for a initial target of 32320 - 32465 and look to hold further only on sustaining or getting a close above 32465 for the next targets of 32955 - 33495. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30675 and then enter for a initial target of 30105 - 29960 and look to hold further only on sustaining or getting a close below 29960 for the next targets of 29470 - 28930.








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 . 

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. 


Now Bank Nifty has its immediate support in the zone of 30960 - 31120 and holding the same on any correction this week we can expect a good bounce . Also sustaining above 31480 in the coming sessions we can see a move towards 32155 - 32890 zone . Bank Nifty has been slightly outperforming the Nifty and it may continue as long as the supports hold.

Bank Nifty has strong resistance near 32440 zone for this upmove and it needs to give a consecutive close above it for a further move towards 32735 - 33050 else we might see selling pressure return from near 32440 . 


Now in the coming session Bank Nifty needs to break and sustain above 31745 to test 31965 - 32020 initially and sustaining above it we can see a further upmove till 32210 - 32420. Similarly breaking and sustaining below 31330 we can see a test of 31110 - 31055 initially and sustaining below it we can see a further correction till 30865 - 30655



Bank Nifty Spot Levels for the day are

Long above 31745 for 31875 - 32020 - 32420 , SL 31600

Short below 31330 for 31200 - 31055 - 30655 , SL 31475


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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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