Monday, 5 September 2016

Bank Nifty Spot Outlook for 06th September

BANK NIFTY


Bank Nifty spot opened at 19830.35 and made a high of 19911.25 for the day , then went down till 19787.60 before closing at 19883.20 . Had mentioned long positions can be taken above 19842 and short positions can be taken below 19735 for the day.  Bank Nifty triggered our long trade and completed nearly 2 targets giving us around 65 points from the long trade for the day . Bank Nifty has been closing 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 again and Bank Nifty closed just below it and also gave a weekly close well above 19800 levels .  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 19934 we can see a initial move upto 19988 & on sustaining above 20002 we may see further upmove  till 20100. Similarly if Bank Nifty spot sustains below 19832 we may see a initial move on the downside upto 19778 &  on sustaining below 19764 we may see further downmove till 19667.

Bank Nifty Spot Levels for the day are

Long above 19934 for 19966
 – 20002 – 20100 , SL 19867

Short below 19832 for 19800 – 19764 – 19667, SL 19899

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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.