Bank Nifty Spot Outlook for 24th Jul

BANK NIFTY

In the previous session Bank Nifty spot opened at 29342.45 , made a high of 29365.80, it made a low of 29078.15,  before closing at 29128.10

Had mentioned that long trade will get triggered for the day on sustaining above 29390 and short trade will get triggered for the day on sustaining below 29180. Bank Nifty triggered our short trade and completed nearly 2 targets giving 100 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 29078.15. For any further correction this week , Bank Nifty has closed below 29185 and sustaining below it in the coming sessions we can see a fall towards 28960 - 28710 and holding the same we can see a bounce towards 29420 - 29520 .

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 29230 to test 29340 - 29365 initially and sustaining above it we can see a further upmove till 29460 - 29560. Similarly breaking and sustaining below 29025 we can see a test of 28915 - 28890 initially and sustaining below it we can see a further correction till 28795 - 28695.

Bank Nifty Spot Levels for the day are

Long above 29230 for 29295 - 29365 - 29560 , SL 29160

Short below 29025 for 28965 - 28890 - 28695 , SL 29095

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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.