Sunday, 16 June 2019

Bank Nifty Spot Outlook for 17th Jun

BANK NIFTY


In the previous session Bank Nifty spot opened at 30983.45, made a high of 31032.65, it made a low of 30508.95 ,  before closing at 30614.35

Had mentioned that long trade will get triggered for the day on sustaining above 31090 and short trade will get triggered for the day on sustaining below 30865. Bank Nifty triggered our short trade and completed all targets doing 325+ points .


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30925 and then enter for a initial target of 31250 - 31335 and look to hold further only on sustaining or getting a close above 31335 for the next targets of 31615 - 31925. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30305 and then enter for a initial target of 29980 - 29895 and look to hold further only on sustaining or getting a close below 29895 for the next targets of 29615 - 29305.





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 weeks posts " 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 made a low of 30508.95 last week achieving our expected levels of 30890 - 30590 .

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.



Now in the coming session Bank Nifty needs to break and sustain above 30730 to test 30855 - 30885 initially and sustaining above it we can see a further upmove till 30990 - 31110. Similarly breaking and sustaining below 30500 we can see a test of 30375 - 30345 initially and sustaining below it we can see a further correction till 30235 - 30120



Bank Nifty Spot Levels for the day are

Long above 30730 for 30805 - 30885 - 31110 , SL 30650

Short below 30500 for 30425 - 30345 - 30120 , SL 30580


If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.

No comments:

Post a Comment