Wednesday, 5 June 2019

Bank Nifty Spot Outlook for 06th Jun

BANK NIFTY


In the previous session Bank Nifty spot opened at 31532.90, made a high of 31752.70, it made a low of 31512.95 ,  before closing at 31589.05

Had mentioned that long trade will get triggered for the day on sustaining above 31780 and short trade will get triggered for the day on sustaining below 31525. Bank Nifty triggered our short trade but did not complete any targets.



For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31755 and then enter for a initial target of 32160 - 32260 and look to hold further only on sustaining or getting a close above 32260 for the next targets of 32605 - 32985. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30995 and then enter for a initial target of 30595 - 30490 and look to hold further only on sustaining or getting a close below 30490 for the next targets of 30145 - 29765.








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.

Now on the upside Bank Nifty has immediate resistance  near 32160 - 32260 and a strong close above it is required for a further upmove in the coming week and failing to do so we can see a correction till 30890 - 30590.

On the downside Bank Nifty has immediate strong support near 30590 - 30490 which it needs to hold incase of a correction else we might see the correction extend further.



Now in the coming session Bank Nifty needs to break and sustain above 31720 to test 31855 - 31890 initially and sustaining above it we can see a further upmove till 32005 - 32130. Similarly breaking and sustaining below 31460 we can see a test of 31325 - 31290 initially and sustaining below it we can see a further correction till 31175 - 31045



Bank Nifty Spot Levels for the day are

Long above 31720 for 31795 - 31890 - 32130 , SL 31630

Short below 31460 for 31380 - 31290 - 31045 , SL 31550


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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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