Thursday 6 June 2019

Bank Nifty Spot Outlook for 07th Jun

BANK NIFTY


In the previous session Bank Nifty spot opened at 31523.95, made a high of 31541.50, it made a low of 30800.80 ,  before closing at 30857.40

Had mentioned that long trade will get triggered for the day on sustaining above 31720 and short trade will get triggered for the day on sustaining below 31460. Bank Nifty triggered our short trade and did 600+ points completing all targets for the day.



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.

Today Bank Nifty triggered our weekly short trade and sustaining below 30995 in the coming session can move towards 30595 - 30490. Nifty has not triggered its weekly short and it also needs to trigger shorts for this move to be expected. Those who have entered shorts should keep a stoploss of 31260 .








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 posts this week " 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." , and Bank Nifty failed to test 32160 - 32260 and today made a low of 30800.80 testing our expected levels of 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 31020 to test 31185 - 31230 initially and sustaining above it we can see a further upmove till 31375 - 31535. Similarly breaking and sustaining below 30695 we can see a test of 30530 - 30485 initially and sustaining below it we can see a further correction till 30340 - 30180



Bank Nifty Spot Levels for the day are

Long above 31020 for 31115 - 31230 - 31535 , SL 30905

Short below 30695 for 30600 - 30485 - 30180 , SL 30810


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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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