Wednesday, 31 July 2019

Bank Nifty Spot Outlook for 01st Aug

BANK NIFTY


In the previous session Bank Nifty spot opened at 28575.45 , made a high of 28979.75, it made a low of 28529.75,  before closing at 28876.00

Had mentioned that long trade will get triggered for the day on sustaining above 28900 and short trade will get triggered for the day on sustaining below 28685. Bank Nifty initially triggered our long trade and completed 1 target and took our TSL. Bank Nifty then reversed to trigger our short trade and completed 2 targets indicating indecisiveness .


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29625 and then enter for a initial target of 29940 - 30020 and look to hold further only on sustaining or getting a close above 30020 for the next targets of 30290 - 30590. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29025 and then enter for a initial target of 28715 - 28635 and look to hold further only on sustaining or getting a close below 28635 for the next targets of 28365 - 28065.


Bank Nifty triggered our weekly short trade and completed our initial targets with a low of 28529.75 but failed to give a close below 28635 to expect further correction. 


For the month of August , longs will be confirmed in Bank Nifty with a consecutive close above 29490 for a initial target of 30135 - 30300 and sustaining / closing above 30300 we can see a further move till 30860 - 31470 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 28260 for a initial target of 27615 - 27450 and sustaining / closing below 27450 we can see a further move till 26895 - 26280.



Now on the downside Bank Nifty has immediate support near 28495 - 28265 which it needs to hold on closing basis on any further correction in the coming sessions this week for a bounce . Bank Nifty has immediate resistance at 29255 - 29490 zone which it needs to strongly close above for the bounce to go towards 30000 - 30140 zone. 



Now in the coming session Bank Nifty needs to break and sustain above 28990 to test 29105 - 29135 initially and sustaining above it we can see a further upmove till 29235 - 29350. Similarly breaking and sustaining below 28765 we can see a test of 28645 - 28615 initially and sustaining below it we can see a further correction till 28515 - 28405.



Bank Nifty Spot Levels for the day are

Long above 28990 for 29055 - 29135 - 29350 , SL 28910

Short below 28765 for 28695 - 28615 - 28405 , SL 28845


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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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