Bank Nifty Spot Outlook for 08th Jul

BANK NIFTY

In the previous session Bank Nifty spot opened at 31523.05, made a high of 31660.75, it made a low of 31323.25,  before closing at 31475.80

Had mentioned that long trade will get triggered for the day on sustaining above 31530 and short trade will get triggered for the day on sustaining below 31410. Bank Nifty initially triggered our long trade and completed 2 targets giving 100+ points and took our TSL. It then triggered our short trade and again completed 2 targets giving 80 points before taking our TSL.

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31630 and then enter for a initial target of 31800 - 31840 and look to hold further only on sustaining or getting a close above 31840 for the next targets of 31980 - 32140. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 31320 and then enter for a initial target of 31150 - 31110 and look to hold further only on sustaining or getting a close below 31110 for the next targets of 30970 - 30810.

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 31535 to test 31600 - 31615 initially and sustaining above it we can see a further upmove till 31670 - 31725. Similarly breaking and sustaining below 31415 we can see a test of 31355 - 31340 initially and sustaining below it we can see a further correction till 31285 - 31225.

Bank Nifty Spot Levels for the day are

Long above 31535 for 31570 - 31615 - 31725 , SL 31495

Short below 31415 for 31380 - 31340 - 31225 , SL 31460

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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.