Thursday, 19 September 2019

Bank Nifty Spot Outlook for 20th Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 27175.45 which was also the high , it made a low of 26643.00  before closing at 26757.65

Had mentioned that long trade will get triggered for the day on sustaining above 27295 and short trade will get triggered for the day on sustaining below 27050. Bank Nifty triggered our short trade and completed all targets giving 400 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 had triggered our weekly short trade and today completed all targets giving 1000+ points . Bank Nifty is now within its strong support zone of 26835 - 26465 and it needs to give a close below it for further correction in the next 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 26890 to test 27025 - 27060 initially and sustaining above it we can see a further upmove till 27180 - 27310. Similarly breaking and sustaining below 26625 we can see a test of 26490 - 26455 initially and sustaining below it we can see a further correction till 26335 - 26210



Bank Nifty Spot Levels for the day are

Long above 26890 for 26970 - 27060 - 27310 , SL 26795

Short below 26625 for 26550 - 26455 - 26210 , SL 26720


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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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