Bank Nifty Spot Outlook for 05th Sep

BANK NIFTY

In the previous session Bank Nifty spot opened at 26785.95 , made a low of 26641.35, it made a high of 27278.70  before closing at 27123.85

Had mentioned that long trade will get triggered for the day on sustaining above 27010 and short trade will get triggered for the day on sustaining below 26640. Bank Nifty  triggered our long trade and completed 2 targets giving 250 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.

Bank Nifty had triggered our weekly short trade in the previous session 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 failed to sustain below 26965 today for a 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 today held our support zone and bounced to close above 27000 .

Now in the coming session Bank Nifty needs to break and sustain above 27315 to test 27515 - 27565 initially and sustaining above it we can see a further upmove till 27740 - 27930. Similarly breaking and sustaining below 26935 we can see a test of 26735 - 26685 initially and sustaining below it we can see a further correction till 26510 - 26320

Bank Nifty Spot Levels for the day are

Long above 27315 for 27430 - 27565 - 27930 , SL 27185

Short below 26935 for 26815 - 26685 - 26320 , SL 27065

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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.