Bank Nifty Spot Outlook for 21st Nov

BANK NIFTY

In the previous session Bank Nifty spot opened at 26211.50 , made a high of 26259.40,  made a low of 26041.80,  before closing at 26113.35

Had mentioned that long trade for the day will get triggered on sustaining above 26360 and short trade for the day will get triggered on sustaining below 26240 . Bank Nifty triggered our short trade and did 200 points.

Now in this week Bank Nifty needs to break and sustain / close above 26405 to test 26565 - 26610 initially and above it we can see a test of 26750 - 26905 . Similarly Bank Nifty needs to break and sustain / close below 26090 to test 25925 - 25885 initially and below it we can see a test of 25740 - 25585.

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 Bank Nifty gave a consecutive close above 25850 and made a high of 26379.10 near our initial expected levels of 26355 - 26515 . Now sustaining below 26090 we can see a move till 25995 - 25925 .

Now in the coming session Bank Nifty needs to break and sustain above 26175 to test 26240 - 26255 initially and sustaining above it we can see a further upmove till 26315 - 26375. Similarly breaking and sustaining below 26050 we can see a test of 25985 - 25970 initially and sustaining below it we can see a further correction till 25915 - 25855.

Bank Nifty Spot Levels for the day are

Long above 26175 for 26215 - 26255 - 26375 , SL 26130

Short below 26050 for 26015 - 25970 - 25855 , SL 26095

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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.