Bank Nifty Spot Outlook for 06th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 27841.20 , made a high of 27866.55, it made a low of 27389.50,  before closing at 27648.05

Had mentioned that long trade will get triggered for the day on sustaining above 28300 and short trade will get triggered for the day on sustaining below 28110. Bank Nifty opened near our last short target and did not give a chance to enter . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28450 and then enter for a initial target of 28710 - 28780 and look to hold further only on sustaining or getting a close above 28780 for the next targets of 29000 - 29250. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27960 and then enter for a initial target of 27700 - 27630 and look to hold further only on sustaining or getting a close below 27630 for the next targets of 27410 - 27160.

Bank Nifty triggered our weekly short trade and tested our next target zone of 27410 - 27160 with a low of 27389.50 and closed marginally above 27630 to hold for the last targets. 

For the month of August , longs will be confirmed in Bank Nifty with a consecutive close above 29490 for a initial target of 30135 - 30300 and sustaining / closing above 30300 we can see a further move till 30860 - 31470 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 28260 for a initial target of 27615 - 27450 and sustaining / closing below 27450 we can see a further move till 26895 - 26280.

Bank Nifty today completed our initial short targets of 27615 - 27450 with a low of 27389.50 . Bank Nifty needs to close below 27450 for the correction to extend further and holding the same on closing basis we can see a pullback bounce towards its initial resistance zone of 27960 - 28055 . 

Now on the downside Bank Nifty has immediate support near 27630 - 27410 which it needs to hold on closing basis in the coming sessions else the correction can extend . Bank Nifty has immediate resistance at 27960 - 28055 zone initially and above it near 28265 - 28500 zone next on a bounce.

Now in the coming session Bank Nifty needs to break and sustain above 27755 to test 27865 - 27895 initially and sustaining above it we can see a further upmove till 27990 - 28095. Similarly breaking and sustaining below 27540 we can see a test of 27430 - 27405 initially and sustaining below it we can see a further correction till 27310 - 27200.

Bank Nifty Spot Levels for the day are

Long above 27755 for 27820 - 27895 - 28095 , SL 27680

Short below 27540 for 27475 - 27405 - 27200 , SL 27615

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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.