Thursday, 20 June 2019

Bank Nifty Spot Outlook for 21st Jun

BANK NIFTY


In the previous session Bank Nifty spot opened at 30390.20, made a low of 30220.70, it made a high of 30824.55 ,  before closing nearly flat at 30781.10

Had mentioned that long trade will get triggered for the day on sustaining above 30445 and short trade will get triggered for the day on sustaining below 30280. Bank Nifty initially triggered our short trade and completed just 1 targets and took our TSL. It then triggered our long trade and completed all our long targets doing 350+ 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 had triggered our weekly short trade but failed to sustain strongly and give a close below 30305 except for Monday and has now bounced back strongly to take our TSL.


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 strongly above 30925 - 31135 in the coming sessions. 


Now in the coming session Bank Nifty needs to break and sustain above 30880 to test 30980 - 31000 initially and sustaining above it we can see a further upmove till 31090 - 31190. Similarly breaking and sustaining below 30685 we can see a test of 30585 - 30560 initially and sustaining below it we can see a further correction till 30470 - 30375



Bank Nifty Spot Levels for the day are

Long above 30880 for 30935 - 31000 - 31190 , SL 30810

Short below 30685 for 30625 - 30560 - 30375 , SL 30755


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