Bank Nifty Spot Outlook for 29th August

BANK NIFTY

Bank Nifty spot opened at 19336.45 and made a high of 19358, then went down till 19133.90 , before closing at 19195.75 . We had mentioned long positions can be taken above 19357 and short positions can be taken below 19251 for the day.  Bank Nifty touched our long trigger and immediately reversed to go and trigger our short trade and completed more than 2 targets giving around 100 points from the short trade . As mentioned in the previous posts  'Now we need to see Nifty break and sustain above 8735 spot to enable Bank Nifty to continue this upmove and if Nifty does not break above 8735 - 8742 levels then we may see Bank Nifty also witnessing profit booking and testing 19000 levels again' . Today we saw some profit booking come in Bank Nifty as Nifty has failed to break above 8735 - 8742 levels inspite of Bank Nifty sustaining above our resistance levels Bank Nifty had been taking support near 18444 - 18537 levels before breaking above 19158 levels . As mentioned in the previous post ' Since breaking above 19297 Bank Nifty has been taking support near 19237 which is our confirmation level for weekly shorts and now one should watch breaking and sustaining below it this week for a test of 19128 - 19158 levels where the next support exists ' and today we saw Bank Nifty make a low of 19133 and test our initial support zone . Now if Bank Nifty spot breaks and sustains below 19079 in the coming sessions then we may test initially a small support at 19007 - 18956 and once it sustains below these then it can test upto 18820 - 18700 levels . 

Had mentioned that 'Bank Nifty has been sustaining above 19297 levels now but will not be able to do so for long if Nifty does not support it by breaking and sustaining above 8735 - 8742 levels. Nifty spot now needs to break and sustain above 8742 this week to test higher levels' and we saw profit booking take Bank Nifty below 19297 and also close below it.

Trend reversal in Bank Nifty for this series would be consecutive closing below 18609 and trend continuation would be on consecutive closing above 19297 spot . 

For today if Bank Nifty spot sustains above 19240 we can see a initial move upto 19286 & on sustaining above 19298 we may see further upmove  till 19382. Similarly if Bank Nifty spot sustains below 19152 we may see a initial move on the downside upto 19105 &  on sustaining below 19093 we may see further downmove till 19009

Bank Nifty Spot Levels for the day are

Long above 19240 for 19267 – 19298 – 19382 , SL 19182

Short below 19152 for 19125 – 19093 – 19009 , SL 19209

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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.