Bank Nifty Spot Outlook for 05th Jul

BANK NIFTY

In the previous session Bank Nifty spot opened at 31471.00, made a low of 31428.05, it made a high of 31608.35,  before closing at 31471.85

Had mentioned that long trade will get triggered for the day on sustaining above 31450 and short trade will get triggered for the day on sustaining below 31315. Bank Nifty triggered our long trade and nearly completed all targets giving 150+ points  .

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31300 and then enter for a initial target of 31505 - 31560 and look to hold further only on sustaining or getting a close above 31560 for the next targets of 31735 - 31930. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30910 and then enter for a initial target of 30705 - 30655 and look to hold further only on sustaining or getting a close below 30655 for the next targets of 30475 - 30280.

As mentioned in the previous post " Bank Nifty confirmed our weekly long trade and on sustaining above 31300 in the coming sessions we can see a test of 31505 - 31560 . Those who are holding longs should keep a trailing cbsl of 31165." ,  Bank Nifty today completed our initial targets with a high of 31608.35 giving a good exit to those who were holding weekly long positions  . Now in the coming session Bank Nifty needs to sustain / close above 31560 to move towards the next targets. 

For the month of July , longs will be confirmed in Bank Nifty with a consecutive close above 31510 for a initial target of 31935 - 32040 and sustaining / closing above it we can see a further move till 32410 - 32810 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 30700 for a initial target of 30275 - 30170 and sustaining / closing below it we can see a further move till 29800 - 29400.

Now on the downside Bank Nifty has immediate strong support near 30790 - 30700 which it needs to hold on closing basis in a correction for a bounce . 

Now in the coming session Bank Nifty needs to break and sustain above 31530 to test 31595 - 31610 initially and sustaining above it we can see a further upmove till 31665 - 31725. Similarly breaking and sustaining below 31410 we can see a test of 31350 - 31330 initially and sustaining below it we can see a further correction till 31275 - 31215.

Bank Nifty Spot Levels for the day are

Long above 31530 for 31570 - 31610 - 31725 , SL 31490

Short below 31410 for 31375 - 31330 - 31215 , SL 31455

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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.