Bank Nifty Spot Outlook for 29th Jan

BANK NIFTY

In the previous session Bank Nifty spot opened at 27041.45 and made a high of 27134.20,  it made a low of 26587.95,  before closing at 26653.05.

Had mentioned that long trade for the day will get triggered on sustaining above 27160 and short trade for the day will get triggered on sustaining below 27070 .Bank Nifty  triggered our short trade and 480 points as it triggered our weekly short trade too. 

Had mentioned " For this week Bank Nifty needs to break and sustain / close above 27230 to test 27355 - 27385 initially and above it we can see a test of 27490 - 27605 . Similarly Bank Nifty needs to break and sustain / close below 27000 to test 26875 - 26845 initially and below it we can see a test of 26740 - 26625. " , and today Bank Nifty triggered our short trade and completed all our weekly short targets .

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 and has now reversed . 

Now in the coming session Bank Nifty needs to break and sustain above 26715 to test 26785 - 26800 initially and sustaining above it we can see a further upmove till 26855 - 26920. Similarly breaking and sustaining below 26590 we can see a test of 26525 - 26505 initially and sustaining below it we can see a further correction till 26450 - 26385. 

Now in the coming session Bank Nifty has to hold 26415 for a pullback to be expected towards 26715 - 26755 initially and above it towards 26865

Bank Nifty Spot Levels for the day are

Long above 26715 for 26755 - 26800 - 26920 , SL 26670

Short below 26590 for 26550 - 26505 - 26385 , SL 26675

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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.