Bank Nifty Spot Outlook for 28th Aug

BANK NIFTY

In the previous session Bank Nifty spot opened at 28106.30 , made a low of 27960.80, it made a high of 28277.70  before closing at 28126.15

Had mentioned that long trade will get triggered for the day on sustaining above 28140 and short trade will get triggered for the day on sustaining below 27760. Bank Nifty  triggered our long trade and completed just 1 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. 

&

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 had triggered our weekly long and nearly completed our targets . Now sustaining above 28095 we can see a move towards our last target.

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." , and Bank nifty had confirmed our monthly short trade and made a low of 26560.60 reaching our last target zone . 

Bank Nifty has closed well above its immediate resistance at 27680 - 27775 zone in the last 2 sessions and sustaining above 28100 we can see a further move towards 28450 - 28500  . 

Now in the coming session Bank Nifty needs to break and sustain above 28295 to test 28475 - 28520 initially and sustaining above it we can see a further upmove till 28675 - 28850. Similarly breaking and sustaining below 27955 we can see a test of 27775 - 27730 initially and sustaining below it we can see a further correction till 27575 - 27405

Bank Nifty Spot Levels for the day are

Long above 28295 for 28400 - 28520 - 28850 , SL 28180

Short below 27955 for 27850 - 27730 - 27405 , SL 28075

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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.