Tuesday, 22 August 2017

Bank Nifty Spot Outlook for 22nd Aug

BANK NIFTY


Bank Nifty spot opened at 24140.55 , made a high of 24258.95 , it made a low of 23882.25 before closing at 23936.50.

Had mentioned that long positions for the day can be taken above 24150 and short positions for the day can be taken below 24000 . Bank Nifty triggered our long trade initially and completed 2 targets and took our TSL . It then triggered our short trade and completed 2 targets . Bank Nifty triggered our weekly short trade but did not confirm it .

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 24000 can test 23920 - 23900 and on sustaining below it we can see a further test of 23835 - 23755 next . Similarly in the coming session Bank Nifty breaking and sustaining above 24150 we can see a test of 24230 - 24250 initially and breaking and sustaining above it we can see a further move till 24315 - 24395 next . "  , and we saw Bank Nifty make a high of 24258.95 and test our initial resistance zone and then reverse on being unable to sustain above it and test our initial support zone of 23920 - 23900 .   Now in the coming session Bank Nifty breaking and sustaining below 23865 can test 23790 - 23770 and on sustaining below it we can see a further test of 23705 - 23635 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24010 we can see a test of 24085 - 24105 initially and breaking and sustaining above it we can see a further move till 24165 - 24240 next .


Bank Nifty Spot Levels for the day are

Long above 24010 for 24055 
– 24105 – 24240 , SL 23915

Short below 23865 for 23820 – 23770 – 23635 , SL 23960

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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.