Wednesday, 25 September 2019

Bank Nifty Spot Outlook for 26th Sep

BANK NIFTY


In the previous session Bank Nifty spot opened at 30029.05, made a high of 30067.60,  made a low of 29470.10 before closing at 29586.05

Had mentioned that long trade will get triggered for the day on sustaining above 30560 and short trade will get triggered for the day on sustaining below 29805. Bank Nifty triggered our short trade and completed 1 target . 


As mentioned previously,

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.

Bank Nifty had triggered our weekly long trade and nearly completed our initial targets. Post that Bank Nifty has failed to break and sustain above 30915 for a further upmove towards our next targets and has corrected till below 29500 levels .  


As mentioned previously,

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 had confirmed our monthly long trade and completed our initial targets and also reached our next target zone with a high of 30801.30 . Post that in the next sessions Bank Nifty failed to sustain above 30535 to make a move towards our last target of 31495 and has now corrected till below 29500 levels. 


On the downside Bank Nifty has immediate support near 29660 - 29400 and it got tested in the previous session and breaking and sustaining below it we can see a further correction of 200 points . Once it begins to sustains below 29200 we can see it move towards its next good support near 28690 - 28790. 


Now in the coming session Bank Nifty needs to break and sustain above 29970 to test 30380 - 30480 initially and sustaining above it we can see a further upmove till 30835 - 31220. Similarly breaking and sustaining below 29200 we can see a test of 28790 - 28690 initially and sustaining below it we can see a further correction till 28340 - 27955



Bank Nifty Spot Levels for the day are

Long above 29970 for 30210 - 30480 - 31220 , SL 29705

Short below 29200 for 28965 - 28690 - 27955 , SL 29465


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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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