Bank Nifty Spot Outlook for 26th Jun

BANK NIFTY

In the previous session Bank Nifty spot opened at 30567.65, made a low of 30451.40, it made a high of 30913.25 ,  before closing at 30847.05

Had mentioned that long trade will get triggered for the day on sustaining above 30690 and short trade will get triggered for the day on sustaining below 30510. Bank Nifty initially triggered our short trade and completed just 1 target and took support above our weekly short confirmation level . Bank Nifty then reversed and triggered our long trade and nearly completed all targets doing 200+ points .

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30885 and then enter for a initial target of 31155 - 31225 and look to hold further only on sustaining or getting a close above 31225 for the next targets of 31455 - 31710. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30375 and then enter for a initial target of 30105 - 30035 and look to hold further only on sustaining or getting a close below 30035 for the next targets of 29805 - 29550.

For the month of June , longs will be confirmed in Bank Nifty with a consecutive close above 32160 for a initial target of 32995 - 33205 and sustaining / closing above it we can see a further move till 33920 - 34710 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 30590 for a initial target of 29755 - 29545 and sustaining / closing below it we can see a further move till 28830 - 28045.

Had mentioned in the previous post "Now on the downside Bank Nifty has immediate strong support near 30590 - 30490 which it needs to hold this week for a bounce else we might see the correction extend further 29755 - 29545." , and Bank Nifty confirmed our monthly shorts but has bounced back . Now we can see the upmove extend further on the back of short covering if Bank Nifty sustains/closes strongly above 30885 in the coming sessions. Bank Nifty is appearing to show more strength than Nifty and is showing a bit of divergence to Nifty indicating it might not put pressure on Nifty to fall sharply  .

Now in the coming session Bank Nifty needs to break and sustain above 30940 to test 31035 - 31060 initially and sustaining above it we can see a further upmove till 31145 - 31235. Similarly breaking and sustaining below 30755 we can see a test of 30660 - 30635 initially and sustaining below it we can see a further correction till 30550 - 30460

Bank Nifty Spot Levels for the day are

Long above 30940 for 30995 - 31060 - 31235 , SL 30875

Short below 30755 for 30700 - 30635 - 30460 , SL 30820

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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.