Wednesday, 17 July 2019

Bank Nifty Spot Outlook for 18th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 30622.25 , made a low of 30568.30, it made a high of 30799.70,  before closing at 30735.50

Had mentioned that long trade will get triggered for the day on sustaining above 30690 and short trade will get triggered for the day on sustaining below 30465. Bank Nifty triggered our long trade and nearly completed 2 targets. 

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 30850 to test 30970 - 31000 initially and sustaining above it we can see a further upmove till 31105 - 31220. Similarly breaking and sustaining below 30620 we can see a test of 30500 - 30470 initially and sustaining below it we can see a further correction till 30365 - 30250.



Bank Nifty Spot Levels for the day are

Long above 30850 for 30920 - 31000 - 31220 , SL 30770

Short below 30620 for 30550 - 30470 - 30250 , SL 30700


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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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