Tuesday, 22 August 2017

Bank Nifty Spot Outlook for 23rd Aug

BANK NIFTY


Bank Nifty spot opened at 24080.60 , made a high of 24127.45 , it made a low of 23852.65 before closing at 23974.45.

Had mentioned that long positions for the day can be taken above 24010 and short positions for the day can be taken below 23865 . Bank Nifty triggered our long trade initially and completed 2 targets and took our TSL . It then triggered our short trade but did not complete any targets  . Bank Nifty has traded in a narrower range today and we should get a bigger move in the coming session.

Had mentioned in the previous post " 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 . "  , and we saw Bank Nifty make a high of 24127.45 just above our first resistance and reversed to make a low of 23852.65 just below our shorting level and reversed immediately .  Now in the coming session Bank Nifty breaking and sustaining below 23905 can test 23835 - 23815 and on sustaining below it we can see a further test of 23755 - 23685 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24045 we can see a test of 24115 - 24135 initially and breaking and sustaining above it we can see a further move till 24195 - 24265 next .Once all daily targets get achieved then we should follow the weekly levels given for further targets. 


Bank Nifty Spot Levels for the day are

Long above 24045 for 24085 
– 24135 – 24265 , SL 23955

Short below 23905 for 23865 – 23815 – 23685 , SL 23995

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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.