Wednesday, 11 January 2017

Bank Nifty Spot Outlook for 11th January

BANK NIFTY


Bank Nifty spot opened at 18351.25 and made a low of 18275.75, then went up till 18441.15 before closing at 18409.60. Had  mentioned that long positions can be taken above 18340 and short positions can be taken below 18234 for the day . Bank Nifty triggered our long trade and completed 2 targets  . 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 in the previous session we saw it break this resistance and also give a borderline close just above it . As mentioned in the previous post  ' 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 18415 we can expect Bank Nifty to face resistance near 18508 - 18575 initially . Closing above 18615 we can expect a move till  18753 - 18904 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 18113 we can expect Bank Nifty to get some support near 18020 - 17953 initially .Closing below 17913 we can expect a move till 17775 - 17624 .  Today Bank Nifty has broken and closed above the range of 17800 - 18350 within which it was trading since sometime . Today it also broke above 18415 which is our weekly long confirmation level and has also closed just below it . Breaking and sustaining above it we may see a test of the resistance near 18508 - 18575 . We will get monthly long confirmation only on a consecutive close above 18506 .

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 18463 we can see a initial move upto 18520 & on sustaining above 18534 we may see further upmove  till 18636 . Similarly if Bank Nifty spot sustains below 18356 we may see a initial move on the downside upto 18299 &  on sustaining below 18285 we may see further downmove till 18183

Bank Nifty Spot Levels for the day are

Long above 18463 for 18496 
– 18534 – 18636 , SL 18393

Short below 18356 for 18323 – 18285 – 18183 , SL 18426

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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.