Bank Nifty Spot Outlook for 31st Jul

BANK NIFTY

In the previous session Bank Nifty spot opened at 29434.85 , made a high of 29530.30, it made a low of 28737.80,  before closing at 28791.60

Had mentioned that long trade will get triggered for the day on sustaining above 29405 and short trade will get triggered for the day on sustaining below 29190. Bank Nifty initially triggered our long trade and nearly completed 2 targets and took our TSL. Bank Nifty then reversed to trigger our short trade and completed all targets giving another 400+ points .

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29625 and then enter for a initial target of 29940 - 30020 and look to hold further only on sustaining or getting a close above 30020 for the next targets of 30290 - 30590. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29025 and then enter for a initial target of 28715 - 28635 and look to hold further only on sustaining or getting a close below 28635 for the next targets of 28365 - 28065.

Bank Nifty triggered our weekly short trade and nearly completed our initial targets with a low of 28737.80. 

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 had confirmed our monthly shorts and completed all our targets and also exceeded it with a low of 28737.80  . 

Now on the downside Bank Nifty has immediate support near 28710 - 28510 which it needs to hold on closing basis on any further correction this week for a bounce . Bank Nifty has immediate resistance at 29375 - 29575 zone which it needs to strongly close above in the coming week for the bounce to go towards 30000 - 30140 zone. 

Now in the coming session Bank Nifty needs to break and sustain above 28900 to test 29010 - 29040 initially and sustaining above it we can see a further upmove till 29135 - 29245. Similarly breaking and sustaining below 28685 we can see a test of 28570 - 28545 initially and sustaining below it we can see a further correction till 28445 - 28340.

Bank Nifty Spot Levels for the day are

Long above 28900 for 28965 - 29040 - 29245 , SL 28825

Short below 28685 for 28620 - 28545 - 28340 , SL 28760

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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.