Thursday, 12 January 2017

Bank Nifty Spot Outlook for 13th January

BANK NIFTY


Bank Nifty spot opened at 18885.45 and made a high of 18966.30, then went down till 18805.85 before closing at 18873.95 Had  mentioned that long positions can be taken above 18900 and short positions can be taken below 18760 for the day . Bank triggered our long trade and completed just 1 target . Today Bank Nifty achieved our last target as per the weekly long trade triggered .  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' . As mentioned in the previous posts  ' 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 now after breaking and sustaining / closing above 18506 level Bank Nifty has given a further upmove of 450 points with today's high . Had mentioned in the previous post ' We can expect some resistance near 18945 - 19085 ' and we saw Bank Nifty make a high today at 18966.30  within this range and take a small resistance . Now inspite of the fact that Bank Nifty has closed above the monthly long confirmation level of 18506 we are nearing a small resistance zone of 18945 - 19085 and we need to watch if Bank Nifty can break and sustain or close above this range for a further upmove , because IF Bank Nifty is unable to do do then we can expect a correction till 18710 - 18506 . 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 .  

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 18945 we can see a initial move upto 19017 & on sustaining above 19036 we may see further upmove  till 19168 . Similarly if Bank Nifty spot sustains below 18804 we may see a initial move on the downside upto 18731 &  on sustaining below 18712 we may see further downmove till 18580

Bank Nifty Spot Levels for the day are

Long above 18945 for 18986 
– 19036 – 19168 , SL 18852

Short below 18804 for 18762 – 18712 – 18580 , SL 18895

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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.