Bank Nifty Spot Outlook for 02nd September

BANK NIFTY

Bank Nifty spot opened at 19805.80 and made a high of 19928.20 for the day , then went down till 19738.30 , before closing at 19788.85 . Had mentioned long positions can be taken above 19841 and short positions can be taken below 19734 for the day.  Bank Nifty triggered our long trade and completed 2 targets giving us around 70 points from the long trade for the day . Bank Nifty today again 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 19900 levels and Bank Nifty made another new high for this year before closing flat towards the end .  Now we have begun a new month 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 19842 we can see a initial move upto 19899 & on sustaining above 19913 we may see further upmove  till 20016. Similarly if Bank Nifty spot sustains below 19735 we may see a initial move on the downside upto 19679 &  on sustaining below 19664 we may see further downmove till 19562

Bank Nifty Spot Levels for the day are

Long above 19842 for 19876 – 19913 – 20016 , SL 19772

Short below 19735 for 19702 – 19664 – 19562, SL 19805

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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.