Wednesday, 19 June 2019

Bank Nifty Spot Outlook for 20th Jun

BANK NIFTY


In the previous session Bank Nifty spot opened at 30526.50, made a high of 30669.15, it made a low of 30242.00 ,  before closing nearly flat at 30362.10

Had mentioned that long trade will get triggered for the day on sustaining above 30465 and short trade will get triggered for the day on sustaining below 30240. Bank Nifty triggered our long trade and completed 2 targets doing 150+ 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.


Bank Nifty triggered our weekly short trade and sustaining below 30305 in the coming sessions we can see a test of 29980 - 29895 initially.


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 and those who are holding shorts should keep a trailing cbsl of 30520 for the coming session.


Now in the coming session Bank Nifty needs to break and sustain above 30445 to test 30530 - 30550 initially and sustaining above it we can see a further upmove till 30625 - 30705. Similarly breaking and sustaining below 30280 we can see a test of 30195 - 30175 initially and sustaining below it we can see a further correction till 30100 - 30020



Bank Nifty Spot Levels for the day are

Long above 30445 for 30495 - 30550 - 30705 , SL 30385

Short below 30280 for 30230 - 30175 - 30020 , SL 30340


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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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