Tuesday, 17 September 2019

Bank Nifty Spot Outlook for 18th Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 27765.10 , made a high of 27851.40, it made a low of 27047.95  before closing at 27131.95

Had mentioned that long trade will get triggered for the day on sustaining above 27980 and short trade will get triggered for the day on sustaining below 27730. Bank Nifty triggered our short trade and completed all targets giving 600+ points . 


As mentioned earlier ,

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28405 and then enter for a initial target of 28735 - 28815 and look to hold further only on sustaining or getting a close above 28815 for the next targets of 29095 - 29405. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27790 and then enter for a initial target of 27465 - 27385 and look to hold further only on sustaining or getting a close below 27385 for the next targets of 27100 - 26795.


Bank Nifty today triggered our weekly short trade and completed our initial targets and also tested our next targets with a low of 27047.95 giving 700+ points and a good exit . Now Bank Nifty needs to sustain below 27100 to test our last target. Bank Nifty has immediate resistance now at 27385 - 27465 on a bounce in the coming session.



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 27260 to test 27400 - 27430 initially and sustaining above it we can see a further upmove till 27550 - 27680. Similarly breaking and sustaining below 27000 we can see a test of 26865 - 26835 initially and sustaining below it we can see a further correction till 26715 - 26585



Bank Nifty Spot Levels for the day are

Long above 27260 for 27340 - 27430 - 27680 , SL 27170

Short below 27000 for 26925 - 26835 - 26585 , SL 27090


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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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