Thursday, 18 July 2019

Bank Nifty Spot Outlook for 19th Jul

BANK NIFTY


In the previous session Bank Nifty spot opened at 30705.80 , made a high of 30769.35, it made a low of 30378.60,  before closing at 30430.60

Had mentioned that long trade will get triggered for the day on sustaining above 30850 and short trade will get triggered for the day on sustaining below 30620. Bank Nifty triggered our short trade and completed 2 targets giving 150+ points 

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 30545 to test 30670 - 30700 initially and sustaining above it we can see a further upmove till 30805 - 30920. Similarly breaking and sustaining below 30315 we can see a test of 30195 - 30160 initially and sustaining below it we can see a further correction till 30055 - 29940.



Bank Nifty Spot Levels for the day are

Long above 30545 for 30615 - 30700 - 30920 , SL 30465

Short below 30315 for 30245 - 30160 - 29940 , SL 30395


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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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