Wednesday, 10 July 2019

Bank Nifty Spot Outlook for 11th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 30618.05, made a high of 30728.35, it made a low of 30428.60,  before closing at 30522.10

Had mentioned that long trade will get triggered for the day on sustaining above 30685 and short trade will get triggered for the day on sustaining below 30455. Bank Nifty initially triggered our long trade but did not complete any target and took our stoploss . Bank Nifty then triggered our short trade and again did not complete any targets indicating indecisiveness.


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.

Bank Nifty has completed all our weekly short targets and corrected further by 450 points 

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.


As mentioned in the previous post " 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. " , Bank Nifty has so far made a low of 30346.70 . Bank Nifty has immediate resistance in the range of 30850 - 30950 in the coming sessions.


Now in the coming session Bank Nifty needs to break and sustain above 30635 to test 30755 - 30785 initially and sustaining above it we can see a further upmove till 30890 - 31000. Similarly breaking and sustaining below 30410 we can see a test of 30290 - 30260 initially and sustaining below it we can see a further correction till 30155 - 30040.



Bank Nifty Spot Levels for the day are

Long above 30635 for 30705 - 30785 - 31000 , SL 30555

Short below 30410 for 30340 - 30260 - 30040 , SL 30490


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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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