Bank Nifty Spot Outlook for 29th Jan

In the previous session : 

Bank Nifty went up by 211 points and then went down by 181 points before finally closing lower by 76 points on Tuesday compared to its previous day's  close . 

Bank Nifty had made a life time high of 32613.10 on 30th December and has since then been trading sideways to negative. 

As per levels given for 28th Jan Bank Nifty initially triggered our long trade and did 100 points and then took our TSL. Bank Nifty then reversed to trigger our short trade and did 80 points. We have a couple of sessions where we are getting whipsawed with both side moves indicating indecisiveness . We should be see a trending move next.

For 29th Jan  :

Sustaining above 30860 enter for 30920 - 30985 - 31170 , SL 30790

Sustaining below 30665 enter for 30605 - 30535 - 30355 , SL 30730

• Bank Nifty has support at 30540 and if it does not sustain below this on a further correction then we can see a bounce back towards 30900 - 31000 levels again .

• Bank Nifty has immediate resistance near 31390 - 31485 and it needs to break and sustain above it for a further upmove else we may see some selling pressure from around these levels.

How to use these levels 

• Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

For this month :

• Bank Nifty longs will get confirmed with a consecutive close above 32565 for a initial target of 32990 - 33100 and sustaining / closing above 33100 we can see a further move till 33465 - 33865 .  

• Bank Nifty shorts will get confirmed with a consecutive close below 31760 for  a initial target of 31335 - 31225 and sustaining / closing below 31225 we can see a further move till 30860 - 30460 . 

• Bank Nifty had again confirmed its monthly short trade and we were expecting it to test 30860 - 30460 and Bank Nifty has made a low of 30614 nearly completing all our targets.

• Bank Nifty has a congestion zone around 32565 - 32625 on the upside and it has to give a strong  close above 32625 for a strong upward momentum  .

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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.