Thursday, 5 January 2017

Bank Nifty Spot Outlook for 06th January

BANK NIFTY


Bank Nifty spot opened at 18000.75 and made a low of 17977.80, then went up till 18164.05 before closing at 18115.95 . Had  mentioned that long positions can be taken above 17950 and short positions can be taken below 17832 for the day . Bank Nifty triggered our long trade and completed all targets giving around 150+ points  . Had mentioned last week that 'Now Bank Nifty has initial resistance at 18075 and IF it closes / sustains above 18075 then we may see a test of the next resistance of 18285  and today we got a close above 18075 and now holding the same we can see a test upto 18285  . Above 18285 Bank Nifty has its next resistance at 18505 - 18805 levels where it has been taking resistance the entire month of December . On closing above these levels we can expect a bounce till 19020 - 19210 levels  . Till Bank Nifty does not give a consecutive close above 18506 this month we can expect the upmoves to be sold into . For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 18336 we can expect Bank Nifty to face resistance near 18434 - 18504 initially . Closing above 18546 we can expect a move till  18691 - 18849 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 18019 we can expect Bank Nifty to get some support near 17920 - 17850 initially .Closing below 17808 we can expect a move till 17664 - 17505 . Being unable to break below 17808 for further correction for this week, today Bank Nifty showed some reversal and broke above the short confirmation levels and also closed above 18075 . Now it needs to hold these levels to move up further till 18285 . Bank Nifty is still trading in a range of 17800 - 18350 and it needs to break and sustain this range for a bigger move on any side . 

For the month of January we can expect uptrend in Bank Nifty spot on a consecutive closing above 18506 and downtrend to continue on a consecutive closing below 17848 . 

For today if Bank Nifty spot sustains above 18182 we can see a initial move upto 18251 & on sustaining above 18269 we may see further upmove  till 18394 . Similarly if Bank Nifty spot sustains below 18050 we may see a initial move on the downside upto 17981 &  on sustaining below 17963 we may see further downmove till 17838

Bank Nifty Spot Levels for the day are

Long above 18182 for 18222 
– 18269 – 18394 , SL 18096

Short below 18050 for 18010 – 17963 – 17838 , SL 18136

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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.