Thursday, 8 August 2019

Bank Nifty Spot Outlook for 09th Aug

BANK NIFTY


In the previous session Bank Nifty spot opened at 27840.10 , made a low of 27531.05, it made a high of 28227.55,  before closing at 28110.45

Had mentioned that long trade will get triggered for the day on sustaining above 27825 and short trade will get triggered for the day on sustaining below 27580. Bank Nifty initially triggered our short trade and took our stoploss without completing any target. Bank Nifty then triggered our long trade and completed all targets giving 400 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. 

&

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.

As mentioned in the previous post "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 " , and today we saw Bank Nifty make a high of 28227.55 . 


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 28245 to test 28385 - 28420 initially and sustaining above it we can see a further upmove till 28540 - 28675. Similarly breaking and sustaining below 27975 we can see a test of 27835 - 27800 initially and sustaining below it we can see a further correction till 27680 - 27545.



Bank Nifty Spot Levels for the day are

Long above 28245 for 28325 - 28420 - 28675 , SL 28150

Short below 27975 for 27895 - 27800 - 27545 , SL 28070


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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.

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