Bank Nifty Spot Outlook for 08th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 28053.85 , made a high of 28175.55, it made a low of 27641.85,  before closing at 27702.05

Had mentioned that long trade will get triggered for the day on sustaining above 28145 and short trade will get triggered for the day on sustaining below 27895. Bank Nifty initially triggered our long trade and took our stoploss without completing any target. Bank Nifty then 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 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 had triggered our weekly short trade and tested our next target zone of 27410 - 27160 with a low of 27389.50 . Bank Nifty needs to close below 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 has completed our initial monthly 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 again 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 too else the correction can extend . Bank Nifty has immediate resistance at 27960 - 28055 zone initially and above it near 28265 - 28500 zone next in this bounce.

Now in the coming session Bank Nifty needs to break and sustain above 27825 to test 27955 - 27990 initially and sustaining above it we can see a further upmove till 28100 - 28225. Similarly breaking and sustaining below 27580 we can see a test of 27450 - 27415 initially and sustaining below it we can see a further correction till 27305 - 27180.

Bank Nifty Spot Levels for the day are

Long above 27825 for 27900 - 27990 - 28225 , SL 27740

Short below 27580 for 27505 - 27415 - 27180 , SL 27665

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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.