Bank Nifty Spot Outlook for 26th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 26835.35 , made a low of 26560.60, it made a high of 27207.30,  before closing at 26958.65.

Had mentioned that long trade will get triggered for the day on sustaining above 27180 and short trade will get triggered for the day on sustaining below 26885. Bank Nifty initially triggered our short trade and did 300 point before taking our TSL. Bank Nifty then reversed to trigger our long trade on the back of positive announcements made by the government but did not complete any target.  

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27310 and then enter for a initial target of 27680 - 27775 and look to hold further only on sustaining or getting a close above 27775 for the next targets of 28095 - 28445. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26605 and then enter for a initial target of 26235 - 26145 and look to hold further only on sustaining or getting a close below 26145 for the next targets of 25825 - 25470.

Had mentioned at the start of the month "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 has now made a low of 26560.60 coming close to our last target in the zone 26895 - 26280 . For a further correction now Bank Nifty has to give a close below 26605 and holding the same we can see a bounce towards 27650 - 27750. 

Now on the downside Bank Nifty has its immediate strong support near 26390 - 26280 . Bank Nifty has immediate resistance at 27680 - 27775 zone which it needs to strongly close above for a further move towards 28100 - 28400 incase of a strong pullback . 

Now in the coming session Bank Nifty needs to break and sustain above 27090 to test 27230 - 27270 initially and sustaining above it we can see a further upmove till 27390 - 27520. Similarly breaking and sustaining below 26825 we can see a test of 26685 - 26650 initially and sustaining below it we can see a further correction till 26530 - 26395.

Bank Nifty Spot Levels for the day are

Long above 27090 for 27175 - 27270 - 27520 , SL 27000

Short below 26825 for 26745 - 26650 - 26395 , SL 26920

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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.