Tuesday, 3 September 2019

Bank Nifty Spot Outlook for 04th Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 27239.20 , made a high of 27247.05, it made a low of 26742.60  before closing at 26824.15

Had mentioned that long trade will get triggered for the day on sustaining above 27605 and short trade will get triggered for the day on sustaining below 27250. Bank Nifty  triggered our short trade and nearly completed all targets giving 500 points.

As mentioned in the previous post, 

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.

Today Bank Nifty triggered our weekly short trade and those who are holding shorts should keep a trailing cbsl of 27285 and look to book once near our initial targets as it is a strong support zone. Bank Nifty has to sustain below 26965 in the coming sessions to move towards our initial targets.


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.

As mentioned in the previous post " 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." , and Bank Nifty has closed with our support zone near its upper end .



Now in the coming session Bank Nifty needs to break and sustain above 27010 to test 27200 - 27250 initially and sustaining above it we can see a further upmove till 27415 - 27600. Similarly breaking and sustaining below 26640 we can see a test of 26450 - 26400 initially and sustaining below it we can see a further correction till 26235 - 26050



Bank Nifty Spot Levels for the day are

Long above 27010 for 27120 - 27250 - 27600 , SL 26880

Short below 26640 for 26530 - 26400 - 26050 , SL 26770


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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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