Bank Nifty Spot Outlook for 23rd Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 27690.05 , made a high of 27690.05, it made a low of 26975.55,  before closing at 27034.20.

Had mentioned that long trade will get triggered for the day on sustaining above 27850 and short trade will get triggered for the day on sustaining below 27585. Bank Nifty triggered our short trade and completed 2 targets giving 500+ points. 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28630 and then enter for a initial target of 29065 - 29175 and look to hold further only on sustaining or getting a close above 29175 for the next targets of 29545 - 29960. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27805 and then enter for a initial target of 27370 - 27260 and look to hold further only on sustaining or getting a close below 27260 for the next targets of 26890 - 26480.

Bank Nifty had triggered our weekly short trade in the previous session and today made a low of 26975.55 completing our initial targets . Now sustaining below 27260 we can see move towards our next 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 had confirmed our monthly short trade and completed our initial targets with a low of 27389.50 in the first week of August and has now made a new low of 26975.55 nearing our next target zone. Now on sustaining below 27450 we can see a move towards our next targets . 

Now on the downside Bank Nifty has broken its immediate support near 27615 - 27450 and we can see a move towards our next targets of 26895 - 26280 .Bank Nifty has immediate resistance at 28470 - 28630 zone which it needs to strongly close above for a strong pullback . 

Now in the coming session Bank Nifty needs to break and sustain above 27180 to test 27335 - 27375 initially and sustaining above it we can see a further upmove till 27510 - 27660. Similarly breaking and sustaining below 26885 we can see a test of 26730 - 26690 initially and sustaining below it we can see a further correction till 26560 - 26410.

Bank Nifty Spot Levels for the day are

Long above 27180 for 27270 - 27375 - 27660 , SL 27080

Short below 26885 for 26795 - 26690 - 26410 , SL 26990

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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.