Monday, 16 January 2017

Bank Nifty Spot Outlook for 17th January

BANK NIFTY


Bank Nifty spot opened at 18899.70 and made a low of 18865.25 , then went up till 19134.50 before closing at 19096.25  . Had  mentioned that long positions can be taken above 18970 and short positions can be taken below 18854 for the day . Bank Nifty triggered our long trade and missed our last target for the day .  As mentioned previously on closing above 18505 - 18805 levels we can expect a bounce till 19020 - 19210 levels  and today we made a high of 19134 . 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 600+ points with today's high . Had mentioned in the previous post ' 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 ' and today Bank Nifty closed marginally above this zone by 11 points . 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 . Today Bank Nifty has closed above our weekly long confirmation levels and it would need to now sustain above this level tomorrow to test our initial resistance zone of 19160 - 19227. 

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 19155 we can see a initial move upto 19217 & on sustaining above 19233 we may see further upmove  till 19345 . Similarly if Bank Nifty spot sustains below 19037 we may see a initial move on the downside upto 18975 &  on sustaining below 18960 we may see further downmove till 18847

Bank Nifty Spot Levels for the day are

Long above 19155 for 19191 
– 19233 – 19345 , SL 19078

Short below 19037 for 19001 – 18960 – 18847 , SL 19114

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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.