Bank Nifty Spot Outlook for 13th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 28293.65 , made a low of 28251.75, it made a high of 28602.75,  before closing at 28431.90

Had mentioned that long trade will get triggered for the day on sustaining above 28245 and short trade will get triggered for the day on sustaining below 27975. Bank Nifty triggered our long trade and nearly completed all targets giving 350+ points.

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28815 and then enter for a initial target of 29225 - 29325 and look to hold further only on sustaining or getting a close above 29325 for the next targets of 29675 - 30060. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 28045 and then enter for a initial target of 27640 - 27540 and look to hold further only on sustaining or getting a close below 27540 for the next targets of 27190 - 26800.

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 had confirmed our monthly short trade and completed our initial targets with a low of 27389.50 . For a further correction Bank Nifty has to give a close below 27450 and holding the same we can expect this bounce to hold.

Now on the downside Bank Nifty has immediate support near 27615 - 27450 which it needs to hold in the coming sessions else the correction can extend towards 26895 - 26280 .Bank Nifty has immediate resistance at 28690 - 28850 zone which it needs to strongly close above in the coming week for the bounce to extend . 

Now in the coming session Bank Nifty needs to break and sustain above 28580 to test 28730 - 28770 initially and sustaining above it we can see a further upmove till 28900 - 29050. Similarly breaking and sustaining below 28285 we can see a test of 28135 - 28095 initially and sustaining below it we can see a further correction till 27960 - 27815.

Bank Nifty Spot Levels for the day are

Long above 28580 for 28670 - 28770 - 29050 , SL 28475

Short below 28285 for 28195 - 28095 - 27815 , SL 28390

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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.