Sunday, 22 September 2019

Bank Nifty Spot Outlook for 23rd Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 26878.65, made a low of 26727.55, then made a high of 29418.95 before closing at 28981.55

Had mentioned that long trade will get triggered for the day on sustaining above 26890 and short trade will get triggered for the day on sustaining below 26625. Bank Nifty triggered our long trade for the day and also for the week and completed all targets giving 2500 points after the government made announcements of corporate tax reductions and other measures.


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29815 and then enter for a initial target of 30695 - 30915 and look to hold further only on sustaining or getting a close above 30915 for the next targets of 31675 - 32505. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 28150 and then enter for a initial target of 27270 - 27045 and look to hold further only on sustaining or getting a close below 27045 for the next targets of 26290 - 25460.




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 29405 - 29660 zone and sustaining / closing above it we can see a further upmove towards 30535 - 31495 


On the downside Bank Nifty has immediate support near 28465 - 28150 and it needs to hold these levels in a correction this week for the upmove to remain strong   . 


Now in the coming session Bank Nifty needs to break and sustain above 29295 to test 29630 - 29715 initially and sustaining above it we can see a further upmove till 30000 - 30315. Similarly breaking and sustaining below 28665 we can see a test of 28335 - 28250 initially and sustaining below it we can see a further correction till 27965 - 27650



Bank Nifty Spot Levels for the day are

Long above 29295 for 29490 - 29715 - 30315 , SL 29080

Short below 28665 for 28475 - 28250 - 27650 , SL 28885


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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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