Bank Nifty Spot Outlook for 23rd Jul

BANK NIFTY

In the previous session Bank Nifty spot opened at 29617.05 , made a high of 29635.15, it made a low of 29194.10,  before closing at 29284.95

Had mentioned that long trade will get triggered for the day on sustaining above 29865 and short trade will get triggered for the day on sustaining below 29675. Bank Nifty triggered our short trade and completed all targets and exceeded giving 550+ points 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30020 and then enter for a initial target of 30285 - 30355 and look to hold further only on sustaining or getting a close above 30355 for the next targets of 30580 - 30830. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29520 and then enter for a initial target of 29255 - 29185 and look to hold further only on sustaining or getting a close below 29185 for the next targets of 28960 - 28710.

Bank Nifty triggered our weekly short trade and completed our initial targets of 29255 - 29185 with a low of 29194.10. For any further correction this week , Bank Nifty has to sustain / close below 29185 in the coming sessions else sustaining / closing above 29185 we can see a bounce towards 29800 - 29850 .

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 and completed all our short targets with a low of 29194.10 giving nearly 1500 points from the short trade for the month. Bank Nifty has immediate resistance at 29420 - 29520 which it needs to break strongly above for a small bounce.

Now in the coming session Bank Nifty needs to break and sustain above 29390 to test 29500 - 29525 initially and sustaining above it we can see a further upmove till 29620 - 29725. Similarly breaking and sustaining below 29180 we can see a test of 29070 - 29045 initially and sustaining below it we can see a further correction till 28950 - 28845.

Bank Nifty Spot Levels for the day are

Long above 29390 for 29455 - 29525 - 29725 , SL 29315

Short below 29180 for 29115 - 29045 - 28845 , SL 29255

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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.