Bank Nifty Spot Outlook for 01st September

BANK NIFTY

Bank Nifty spot opened at 19595.90 which was also the low for the day , then went up till 19823.40 , before closing at 19787.60 . Had mentioned long positions can be taken above 19589 and short positions can be taken below 19475 for the day.  Bank Nifty opened gap up just triggering our long trade and completed all 3 targets and more giving us around 200 points from the long trade for the day . Bank Nifty today closed above our next immediate resistance levels of 19680 - 19760 and now sustaining above these levels is required for further upmove . Today we broke above 19800 levels and finally closed just below it . Today we saw another new high for this month on the last day and also a new monthly closing high for this year.  Now we would be beginning a new month from tomorrow so a few new levels need to be watched. Now we have immediate supports at 19605 - 19495 and if Bank Nifty breaks and sustains below 19495 then the next supports are at 19315 - 19185 . Also Bank Nifty has been taking support near 18444 - 18537 levels in the entire August month so this should provide strong support incase of a deeper correction. Now we have immediate resistance at 19968 - 20080 levels and if Nifty spot breaks and sustains above 20080 then the next resistances are at 20260 - 20390 ..

Trend reversal in Bank Nifty for this series would be consecutive closing below 19495 and trend continuation would be on consecutive closing above 20080 spot . 

For today if Bank Nifty spot sustains above 19841 we can see a initial move upto 19897 & on sustaining above 19912 we may see further upmove  till 20014. Similarly if Bank Nifty spot sustains below 19734 we may see a initial move on the downside upto 19678 &  on sustaining below 19664 we may see further downmove till 19562

Bank Nifty Spot Levels for the day are

Long above 19841 for 19874 – 19912 – 20014 , SL 19771

Short below 19734 for 19701 – 19664 – 19562, SL 19804

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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.