Bank Nifty Spot Outlook for 22nd Jan

BANK NIFTY

In the previous session Bank Nifty spot opened at 27514.55 and made a low of 27388.50,  it made a high of 27622.20,  before closing at 27533.60

Had mentioned that long trade for the day will get triggered on sustaining above 27515 and short trade for the day will get triggered on sustaining below 27400 .Bank Nifty initially triggered our short trade but did not sustain and reversed to trigger our long trade and did  100 points . 

For this week Bank Nifty needs to break and sustain / close above 27610 to test 27775 - 27815 initially and above it we can see a test of 27955 - 28105 . Similarly Bank Nifty needs to break and sustain / close below 27300 to test 27140 - 27100 initially and below it we can see a test of 26960 - 26805.

Also as mentioned " For the month of January , longs will get confirmed with a consecutive close above 27290 for a initial target of 27725 - 27835 and sustaining / closing above it we can see a further test of 28210 - 28620 . Similarly , shorts will get confirmed with a consecutive close below  26465 for a initial target of 26035 - 25925 and sustaining / closing below it we can see a further move till 25550 - 25135." , and Bank Nifty had made a high of 27754.25 testing our initial targets of 27725 - 27835 after confirming our monthly long trade. Now in the coming sessions Bank Nifty needs to hold above 27290 to retest again 27725 - 27835 initially and has to close strongly above 27835 to move towards our next targets .

Now in the coming session Bank Nifty needs to break and sustain above 27590 to test 27645 - 27655 initially and sustaining above it we can see a further upmove till 27705 - 27760. Similarly breaking and sustaining below 27480 we can see a test of 27425 - 27410 initially and sustaining below it we can see a further correction till 27365 - 27310.

Bank Nifty Spot Levels for the day are

Long above 27590  for 27620 - 27660 - 27760 , SL 27550

Short below 27480 for 27450 - 27410 - 27310 , SL 27520

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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.