Monday, 16 January 2017

Bank Nifty Spot Outlook for 16th January

BANK NIFTY


Bank Nifty spot opened at 18949.70 and made a high of 18952.25 , then went down till 18781.25 before closing at 18912.10 . Had  mentioned that long positions can be taken above 18945 and short positions can be taken below 18804 for the day . Bank Nifty opened above our long trigger but failed to complete any target . It then triggered our short trade and again failed to complete any target indicating indecisiveness .  As mentioned previously on closing above 18505 - 18805 levels we can expect a bounce till 19020 - 19210 levels  . Had also 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 last week's high . Had mentioned in the previous post ' We can expect some resistance near 18945 - 19085 ' and we saw Bank Nifty make a high at 18952.10 again within this range for the second consecutive day and take 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 . For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 19065 we can expect Bank Nifty to face resistance near 19160 - 19227 initially . Closing above 19268 we can expect a move till  19407 - 19560' . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 18759 we can expect Bank Nifty to get some support near 18665 - 18597 initially .Closing below 18557 we can expect a move till 18417 - 18264 .  

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 18970 we can see a initial move upto 19031 & on sustaining above 19047 we may see further upmove  till 19157 . Similarly if Bank Nifty spot sustains below 18854 we may see a initial move on the downside upto 18793 &  on sustaining below 18778 we may see further downmove till 18667

Bank Nifty Spot Levels for the day are

Long above 18970 for 19006 
– 19047 – 19157 , SL 18894

Short below 18854 for 18819 – 18778 – 18667 , SL 18930

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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.