Monday, 10 July 2017

Bank Nifty Spot Outlook for 11th Jul

BANK NIFTY

Bank Nifty spot opened at 23583.25 and made a new life time high of 23964.80, it made a low of 23289.90 , before closing at 23675.05

Had mentioned that long positions can be taken above 23498 and short positions can be taken below 23400 . Bank Nifty as per the high made nearly completed all our weekly long targets missing the last target by just 30 points . Today NSE had some technical glitches and not many would have been able to trade or book profits at the highs or lows of the day .

As mentioned in the previous posts " We can expect a bigger move once Bank Nifty breaks and sustains / closes beyond the range of 22905 - 23515 spot " , and today Bank Nifty has closed well above 23515 levels and we now need a consecutive close above it to hold longs . Had mentioned in the previous post " Now in the coming sessions Bank Nifty needs to break and sustain / close above 23530 - 23580 to test 23750 - 23775 levels initially and above it we can see a test of 23870 - 23940 levels next . Similarly Bank Nifty on breaking and sustaining / closing below 23350 - 23320 levels can see a test of 23150 levels initially and below it we can see a test of 23025 - 22905 levels next " , and today we saw a new life time high of 23964.80 . Now in the coming sessions Bank Nifty needs to break and sustain above 23750 - 23775 levels for a test of the highs made today and beyond it for a test of 24195 - 24295 . Those who are holding longs now should move up their trailing cbsl to 23515 .

For today if Bank Nifty spot sustains above 23709 we can see a initial move till 23744 & on sustaining above 23753 we may see further move till 23817. Similarly if Bank Nifty spot sustains below 23642 we may see a initial move on the downside till 23606 & on sustaining below 23597 we may see further move till 23533

Bank Nifty Spot Levels for the day are

Long above 23709 for 23729 – 23753 – 23817 , SL 23665

Short below 23642 for 23621 – 23597 – 23533 , SL 23685

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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.