Thursday, 27 June 2019

Bank Nifty Spot Outlook for 28th Jun

BANK NIFTY


In the previous session Bank Nifty spot opened at 31192.10, made a high of 31490.60, it made a low of 31158.80,  before closing at 31269.50

Had mentioned that long trade will get triggered for the day on sustaining above 31265 and short trade will get triggered for the day on sustaining below 31060. Bank Nifty  triggered our long trade and completed 2 targets doing 200+ points .


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30885 and then enter for a initial target of 31155 - 31225 and look to hold further only on sustaining or getting a close above 31225 for the next targets of 31455 - 31710. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30375 and then enter for a initial target of 30105 - 30035 and look to hold further only on sustaining or getting a close below 30035 for the next targets of 29805 - 29550.

Bank Nifty had confirmed our weekly long trade and had completed our initial targets of 31155 - 31225 in the previous session and today reached our next target zone of 31455 - 31710 with a high of 31490.60 .


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 we can see the upmove extend further on the back of short covering if Bank Nifty sustains/closes strongly above 30885 in the coming sessions. Bank Nifty is appearing to show more strength than Nifty and is showing a bit of divergence to Nifty indicating it might not put pressure on Nifty to fall sharply " , and we saw Bank Nifty give a good move of 600 points on sustaining above 30885 this week .

Now in the coming session Bank Nifty needs to break and sustain above 31355 to test 31450 - 31470 initially and sustaining above it we can see a further upmove till 31550 - 31635. Similarly breaking and sustaining below 31180 we can see a test of 31090 - 31070 initially and sustaining below it we can see a further correction till 30990 - 30900



Bank Nifty Spot Levels for the day are

Long above 31355 for 31410 - 31470 - 31635 , SL 31295

Short below 31180 for 31130 - 31070 - 30900 , SL 31240


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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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