Monday, 26 August 2019

Bank Nifty Spot Outlook for 27th Aug

BANK NIFTY


In the previous session Bank Nifty spot opened at 27663.95 , made a low of 26859.35, it made a high of 27995.25  before closing at 27951.35

Had mentioned that long trade will get triggered for the day on sustaining above 27090 and short trade will get triggered for the day on sustaining below 26825. Bank Nifty opened with a big gap up and then corrected sharply. Bank Nifty then triggered our long trade and completed all our daily targets giving 900 points . 


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. 

&

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.

Bank Nifty triggered our weekly long and completed our initial targets . Now in the coming session sustaining above 27775 we can see a move towards our next targets.




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. 


Bank Nifty has closed well above its immediate resistance at 27680 - 27775 zone and sustaining above 27775 we can see a further move towards 28100 - 28400  . 






Now in the coming session Bank Nifty needs to break and sustain above 28140 to test 28340 - 28395 initially and sustaining above it we can see a further upmove till 28565 - 28755. Similarly breaking and sustaining below 27760 we can see a test of 27560 - 27510 initially and sustaining below it we can see a further correction till 27340 - 27150.



Bank Nifty Spot Levels for the day are

Long above 28140 for 28260 - 28395 - 28755 , SL 28010

Short below 27760 for 27645 - 27510 - 27150 , SL 27895


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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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