Bank Nifty Spot Outlook for 19th Nov

BANK NIFTY

In the previous session Bank Nifty spot opened at 31036.80, made a high of 31203.55,  made a low of 30901.85 before closing at 30992.10

Had mentioned that long trade will get triggered for the day on sustaining above 31115 and short trade will get triggered for the day on sustaining below 30900. Bank Nifty triggered our long trade and completed just 1 target giving 70 points. 

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31295 and then enter for a initial target of 31595 - 31670 and look to hold further only on sustaining or getting a close above 31670 for the next targets of 31930 - 32210. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30725 and then enter for a initial target of 30425 - 30350 and look to hold further only on sustaining or getting a close below 30350 for the next targets of 30090 - 29805.

For this month :

For the month of November , longs will be confirmed in Bank Nifty with a consecutive close above 30495 for a initial target of 30950 - 31065 and sustaining / closing above 31065 we can see a further move till 31455 - 31880 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29640 for a initial target of 29185 - 29070 and sustaining / closing below 29070 we can see a further move till 28680 - 28250.

Bank Nifty had triggered our montly long trade and made a high of 31205.20 completing our initial targets. Now Bank Nifty has to sustain/ close strongly above 31065 to move towards our next targets .Nifty is yet to confirm its monthly long trade and that is putting pressure on Bank Nifty to move up further. 

Bank Nifty has outperformed the Nifty so far this month and Nifty is yet to even confirm its monthly long with a consecutive close above 12010. This is making us cautious for the coming week as without the Nifty joining in the upmove, Bank Nifty might not be able to sustain this outperformance .

Bank Nifty has immediate resistance near 31185 - 31295 and it needs to sustain / close above for a further upmove towards 31455 - 31670 levels.

Now on the downside Bank Nifty has immediate support near 30830 - 30725 and it needs to sustain or give a consecutive close below 30725 for a further downmove towards 30425 - 30350  levels initially. 

Now in the coming session Bank Nifty needs to break and sustain above 31100 to test 31215 - 31245 initially and sustaining above it we can see a further upmove till 31340 - 31450. Similarly breaking and sustaining below 30885 we can see a test of 30770 - 30745 initially and sustaining below it we can see a further correction till 30645 - 30540

Bank Nifty Spot Levels for the day are

Long above 31100 for 31165 - 31245 - 31450 , SL 31025

Short below 30885 for 30820 - 30745 - 30540 , SL 30960

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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.