Bank Nifty Spot Outlook for 16th Nov

BANK NIFTY

In the previous session Bank Nifty spot opened at 25946.20 , made a low of 25728,  made a high of 26197.60,  before closing at 26154.75

Had mentioned that long trade for the day will get triggered on sustaining above 26000 and short trade for the day will get triggered on sustaining below 25860 . Bank Nifty triggered our long trade  and nearly completed all our targets giving 190 points.

As mentioned " Now in this week Bank Nifty needs to break and sustain / close above 26005 to test 26250 - 26315 initially and above it we can see a test of 26525 - 26760 . Similarly Bank Nifty needs to break and sustain / close below 25535 to test 25290 - 25230 initially and below it we can see a test of 25015 - 24785." , and Bank Nifty initially did 3 targets on the short side and then took our TSL . Bank Nifty confirmed our long trade and did 3 targets giving 250+ points.

As mentioned "For the month of November , further longs will get confirmed with a consecutive close above 25850 for a initial target of 26355 - 26515 and sustaining / closing above it we can see a further test of 27045 - 27630 . Similarly , shorts will get confirmed with a consecutive close below  24570 for a initial target of 23950 - 23795 and sustaining / closing below it we can see a further move till 23265 - 22680 ." , and today Bank Nifty has given a consecutive close above 25850  and those who are long should trail their stoploss to 25915 . Nifty has a small resistance at 26230 and it has to sustain above it to test 26355 . If it does not sustain above 26230 then it can retest 26005  - 25915 .

Now in the coming session Bank Nifty needs to break and sustain above 26230 to test 26300 - 26320 initially and sustaining above it we can see a further upmove till 26385 - 26455. Similarly breaking and sustaining below 26085 we can see a test of 26010 - 25990 initially and sustaining below it we can see a further correction till 25925 - 25855.

Bank Nifty Spot Levels for the day are

Long above 26230 for 26270 - 26320 - 26455 , SL 26175

Short below 26085 for 26040 - 25990 - 25855 , SL 26135

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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.