Bank Nifty Spot Outlook for 09th Jul

BANK NIFTY

In the previous session Bank Nifty spot opened at 31346.85, made a high of 31370.40, it made a low of 30536.75,  before closing at 30603.85

Had mentioned that long trade will get triggered for the day on sustaining above 31535 and short trade will get triggered for the day on sustaining below 31415. Bank Nifty triggered our short trade and completed all daily targets and also triggered our weekly shorts and completed all our weekly short targets too giving 800+ points .

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. 

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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.

Today Nifty triggered our weekly short trade and completed all our short targets with a low of 30536.75

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.

Bank Nifty has given a strong close below 30700 and sustaining below it in the coming sessions we can see a test of 30275 - 30170 . Bank Nifty needs to reclaim 30950 strongly for a bounce to be expected this week. 

Now in the coming session Bank Nifty needs to break and sustain above 30730 to test 30860 - 30895 initially and sustaining above it we can see a further upmove till 31010 - 31135. Similarly breaking and sustaining below 30480 we can see a test of 30350 - 30315 initially and sustaining below it we can see a further correction till 30200 - 30075.

Bank Nifty Spot Levels for the day are

Long above 30730 for 30805 - 30895 - 31135 , SL 30640

Short below 30480 for 30405 - 30315 - 30075 , SL 30565

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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.