Bank Nifty Spot Outlook for 27th Nov

BANK NIFTY

In the previous session Bank Nifty spot opened at 31692.85, made a high of 31850.35,  made a low of 31465.85 before closing at 31718.35

Had mentioned that long trade will get triggered for the day on sustaining above 31680 and short trade will get triggered for the day on sustaining below 31450. Bank Nifty triggered our long trade and completed 2 targets giving 150 points. 

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31395 and then enter for a initial target of 31690 - 31765 and look to hold further only on sustaining or getting a close above 31765 for the next targets of 32025 - 32300.

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30830 and then enter for a initial target of 30530 - 30455 and look to hold further only on sustaining or getting a close below 30455 for the next targets of 30200 - 29920.

Bank Nifty had confirmed its weekly long trade and today completed its initial targets giving 550+ points from the weekly long trade. Now in the coming sessions Bank Nifty needs to sustain above 31765 for a further upmove towards its next targets . 

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 monthly long trade and hads already completed our initial targets . Today it tested its next target zone of 31455 - 31880 with a high of 31471.65 . Nifty is yet to confirm its monthly long trade and that can weighing on Bank Nifty now and may build some selling pressure on further upmoves. 

Bank Nifty today nearly completed all its monthly long targets placed at 31455 - 31880 with a high of 31850.35 giving around 1350 points so far from the monthly long trade. 

Bank Nifty has hugely outperformed the Nifty so far this month since Nifty had struggled to confirm its monthly long trade till today with a consecutive close above 12010. Now its important for Nifty to hold above 12010 to continue moving up towards new life highs . 

 

Now Bank Nifty has immediate resistance at 31770 - 31880 and it needs to sustain above it for a further upmove towards 32000 levels . 

Now on the downside Bank Nifty has immediate support near 31395 - 31285 and below it at 30940 - 30830 .

Now in the coming session Bank Nifty needs to break and sustain above 31790 to test 31870 - 31890 initially and sustaining above it we can see a further upmove till 31955 - 32025. Similarly breaking and sustaining below 31645 we can see a test of 31570 - 31550 initially and sustaining below it we can see a further correction till 31485 - 31410

Bank Nifty Spot Levels for the day are

Long above 31790 for 31835 - 31890 - 32025 , SL 31740

Short below 31645 for 31600 - 31550 - 31410 , SL 31695

P.S.The stoploss has narrowed down a lot and usually it happens when the current trend is beginning to lose its steam. Lets see how it moves along in the coming sessions.

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