Tuesday, 16 July 2019

Bank Nifty Spot Outlook for 17th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 30532.65 , made a low of 30429.90, it made a high of 30635.00,  before closing at 30576.35

Had mentioned that long trade will get triggered for the day on sustaining above 30555 and short trade will get triggered for the day on sustaining below 30335. Bank Nifty triggered our long trade and completed just 1 target. 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30895 and then enter for a initial target of 31205 - 31280 and look to hold further only on sustaining or getting a close above 31280 for the next targets of 31550 - 31840. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30310 and then enter for a initial target of 30000 - 29920 and look to hold further only on sustaining or getting a close below 29920 for the next targets of 29655 - 29365.




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 confirmed our monthly shorts but fell short of completing our initial targets last week.

Now in the coming session Bank Nifty needs to break and sustain above 30690 to test 30805 - 30835 initially and sustaining above it we can see a further upmove till 30940 - 31050. Similarly breaking and sustaining below 30465 we can see a test of 30345 - 30315 initially and sustaining below it we can see a further correction till 30215 - 30105.



Bank Nifty Spot Levels for the day are

Long above 30690 for 30760 - 30835 - 31050 , SL 30610

Short below 30465 for 30395 - 30315 - 30105 , SL 30545


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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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