Bank Nifty Spot Outlook for 23rd Jan

BANK NIFTY

In the previous session Bank Nifty spot opened at 27526.55 and made a high of 27533.35,  it made a low of 27385.40,  before closing at 27482.25

Had mentioned that long trade for the day will get triggered on sustaining above 27590 and short trade for the day will get triggered on sustaining below 27480 .Bank Nifty initially triggered our short trade but did not sustain and reversed to trigger our long trade and did  95 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. In the coming sessions Bank Nifty has to strongly break beyond the range of 27300 - 27610 for a directional move.

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 27530 to test 27575 - 27585 initially and sustaining above it we can see a further upmove till 27630 - 27675. Similarly breaking and sustaining below 27435 we can see a test of 27390 - 27375 initially and sustaining below it we can see a further correction till 27335 - 27290.

Bank Nifty Spot Levels for the day are

Long above 27530  for 27555 - 27585 - 27675 , SL 27495

Short below 27435 for 27410 - 27375 - 27290 , SL 27470

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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.