Sunday, 8 September 2019

Bank Nifty Spot Outlook for 09th Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 26986.50 , made a low of 26950.55, it made a high of 27311.05  before closing at 27247.90

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 26750. Bank Nifty triggered our long trade and nearly completed 2 targets.


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27720 and then enter for a initial target of 28220 - 28345 and look to hold further only on sustaining or getting a close above 28345 for the next targets of 28775 - 29245. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26775 and then enter for a initial target of 26275 - 26150 and look to hold further only on sustaining or getting a close below 26150 for the next targets of 25725 - 25250.



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 27425 to test 27615 - 27665 initially and sustaining above it we can see a further upmove till 27825 - 28000. Similarly breaking and sustaining below 27070 we can see a test of 26880 - 26835 initially and sustaining below it we can see a further correction till 26670 - 26495



Bank Nifty Spot Levels for the day are

Long above 27425 for 27535 - 27665 - 28000 , SL 27300

Short below 27070 for 26960 - 26835 - 26495 , SL 27195


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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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