Bank Nifty Spot Outlook for 18th Aug

BANK NIFTY

Bank Nifty spot opened at 24495.20 , made a high of 24496.20 , it made a low of 24121.55 , before closing at 24237.25 .

Had mentioned that long positions for the day can be taken above 24525 and short positions for the day can be taken below 24350 . Bank Nifty triggered our short trade for the day and completed 2 targets , it missed our last target by 56 points . Bank Nifty had triggered our weekly longs in the previous session and completed 4 weekly long targets . Today it took our TSL at 24335

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 24350 can test 24260 - 24235 and on sustaining below it we can see a further test of 24155 - 24070 next . Similarly in the coming session Bank Nifty breaking and sustaining above 24525 we can see a test of 24615 - 24640 initially and breaking and sustaining above it we can see a further move till 24720 - 24810 next . "  , Bank Nifty initially gave a gap up till 24496.20 which was good opportunity to take fresh shorts as upmove was to begin above 24525 and it made a low of 24121.55 within our lower support zone of 24155 - 24070 before closing at 24237.25  .  Now in the coming session Bank Nifty breaking and sustaining below 24160 can test 24075 - 24050 and on sustaining below it we can see a further test of 23980 - 23900 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24315 we can see a test of 24400 - 24425 initially and breaking and sustaining above it we can see a further move till 24495 - 24575 next .

Bank Nifty Spot Levels for the day are

Long above 24315 for 24365 – 24425 – 24575 , SL 24215

Short below 24160 for 24110 – 24050 – 23900 , SL 24260

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.