Monday, 2 September 2019

Bank Nifty Spot Outlook for 03rd Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 27407.90 , made a low of 27121.95, it made a high of 27586.50  before closing at 27427.85

Had mentioned that long trade will get triggered for the day on sustaining above 27480 and short trade will get triggered for the day on sustaining below 27130. Bank Nifty  initially triggered our short trade and took our stoploss. Bank Nifty then 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 27890 and then enter for a initial target of 28385 - 28505 and look to hold further only on sustaining or getting a close above 28505 for the next targets of 28930 - 29395. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26965 and then enter for a initial target of 26475 - 26350 and look to hold further only on sustaining or getting a close below 26350 for the next targets of 25925 - 25465.


For the month of September , longs will be confirmed in Bank Nifty with a consecutive close above 28390 for a initial target of 29405 - 29660 and sustaining / closing above 29660 we can see a further move till 30535 - 31495 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 26465 for a initial target of 25450 - 25195 and sustaining / closing below 25195 we can see a further move till 24320 - 23360.


Bank Nifty has immediate resistance at 28030 - 28390 zone and it needs to give a consecutive close above it for a further upmove in the coming sessions.

On the downside Bank Nifty has immediate support near 26835 - 26465 and it needs to give a consecutive close below it for the correction to resume.



Now in the coming session Bank Nifty needs to break and sustain above 27605 to test 27790 - 27835 initially and sustaining above it we can see a further upmove till 27995 - 28170. Similarly breaking and sustaining below 27250 we can see a test of 27065 - 27020 initially and sustaining below it we can see a further correction till 26860 - 26685



Bank Nifty Spot Levels for the day are

Long above 27605 for 27710 - 27835 - 28170 , SL 27480

Short below 27250 for 27145 - 27020 - 26685 , SL 27375


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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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