Bank Nifty Spot Outlook for 28th July

BANK NIFTY

Bank Nifty spot opened at 18908.45, made a high of 19125 , then went down till 18882.40 , before closing at 19021.95 . We had mentioned long positions can be taken above 18926 and short positions can be taken below 18790 for the day.  Bank Nifty triggered our long trade and nearly completed all targets giving us around 180 points. As have been mentioning in the previous posts  'Bank Nifty has outperformed for the last few days and we may see a small correction come if we do not get a consecutive close above 19155' . Bank Nifty high till now for this month is 19158 . Today for the 3rd day again Bank Nifty was unable to make a new high inpsite of Nifty making a new for this month . Those holding longs should again keep 18790 as TSL for their positions . If we break 18790 and sustain then again we see a test of our support zone of 18620 - 18520 and further correction would come only on breaking and sustaining below this zone . Had also mentioned in the previous post  ' As of now breaking and sustaining below 18620 - 18520 levels we can expect next support coming near 18370 - 18200 levels on Bank Nifty spot and breaking and sustaining above 19155 -  19185 we can expect next resistance near 19240 - 19350  . Those looking to go long on a correction till 18200  should keep a cbsl of 18170 spot and those looking to short near 19240 - 19350 should do so with a cbsl of 19380 spot .  Had mentioned yesterday 'Now we would need to break and sustain above 19065 for the next weekly targets' and those would have shorted at todays high with this view would have gained more points .Had also mentioned yesterday that 'We may see a correction from 19155 - 19185 upto 18620 - 18520 levels if 18790 spot is broken and sustained tomorrow. Today there was short trade also available from the day high with 19185 as SL and if anyone would have taken it would have got additional points .After the consolidation we have seen of the last 3 sessions in Bank Nifty we may see a good move coming tomorrow as its also the expiry day of this series .Today we have got our first close above 19000 spot for this series though we had broken above it on 7 occassions .Now if we break and sustain above 19155 - 19185 zone we may see a quick move upto 19300 .

Trend reversal in Bank Nifty for this series would be consecutive closing below 17500 and trend continuation would be on consecutive close above 18371 spot . 

For today if Bank Nifty spot sustains above 19083 we can see a initial move upto 19149 & on sustaining above 19165 we may see further upmove  till 19282. Similarly if Bank Nifty spot sustains below 18960 we may see a initial move on the downside upto 18895 &  on sustaining below 18879 we may see further downmove till 18761

Bank Nifty Spot Levels for the day are

Long above 19083 for 19121 – 19165 – 19282 , SL 19003

Short below 18960 for 18922 – 18879 – 18761 , SL 19041

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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss