Wednesday, 11 January 2017

Bank Nifty Spot Outlook for 12th January

BANK NIFTY


Bank Nifty spot opened at 18535.35 and made a low of 18515.25, then went up till 18889.45 before closing at 18830.00. Had  mentioned that long positions can be taken above 18463 and short positions can be taken below 18356 for the day . Bank Nifty had triggered our weekly longs on closing above 18357 the previous session and today opened gap up and completed nearly all our weekly targets . It missed our last weekly target by just 26 points . Those who have taken long trade got nearly 350+ points today . 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  . Had mentioned previously that 'Till Bank Nifty does not give a consecutive close above 18506 this month we can expect the upmoves to be sold into ' and Bank Nifty today opened and sustained above this levels and moved up by 350+ points above this level . Also as mentioned  '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 .  In the previous session Bank Nifty has broken and closed above the range of 17800 - 18350 within which it was trading since sometime . Today it broke and closed well above our monthly long confirmation level and also within the next resistance level of 18753 - 18904 . We will get monthly long confirmation only on a consecutive close above 18506 . We can expect some resistance near 18945 - 19085 .

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 18900 we can see a initial move upto 18973 & on sustaining above 18992 we may see further upmove  till 19125 . Similarly if Bank Nifty spot sustains below 18760 we may see a initial move on the downside upto 18687 &  on sustaining below 18668 we may see further downmove till 18535

Bank Nifty Spot Levels for the day are

Long above 18900 for 18943 
– 18992 – 19125 , SL 18808

Short below 18760 for 18717 – 18668 – 18535 , SL 18852

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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.