Sunday, 22 January 2017

Bank Nifty Spot Outlook for 23rd Janaury

BANK NIFTY


Bank Nifty spot opened at 18996.60 and made a high of 19071.65 , then went down till 18793.05 before closing at 18820.80  . Had  been unable to post the daily levels for the past 2 days due to network connectivity issues .  As mentioned previously on closing above 18505 - 18805 levels we can expect a bounce till 19020 - 19210 levels  and we saw a high of 19276.50 . Bank Nifty gave a further upmove of nearly 700 points after giving a consecutive close above our 18506 which was our monthly long confirmation level . 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 had further added that last week that  ' 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 . Bank Nifty needed to close above 19268 for further upmove and it made a high of 19276.50 but failed to close above it indicating weakness creeping in . Had mentioned in the previous post ' We need to watch tomorrow if Bank Nifty can break this range and also break above 19268 and sustain as this would trigger further upmove for this week . Failing to do so we may see a test of 18760'Bank Nifty needed to close above 19268 for further upmove and it made a high of 19276.50 but failed to close above it and we saw Bank Nifty reverse and make a low of 18793.05,  nearly testing our expected level of  18760 . Now for this week Bank Nifty needs to break and sustain above 19006 to test 19121 - 19202 levels initially and closing above 19252 we can expect a further move till 19421 - 19606 . Similarly Bank Nifty needs to break and sustain below 18635 to test 18521 - 18439 levels initially and closing below 18390 we can expect a further move till 18221 - 18036 . Those who are intending to go long near the supports of 18521 - 18390 should keep a strict cbsl of 18279.


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 18891 we can see a initial move upto 18965 & on sustaining above 18984 we may see further upmove  till 19118 . Similarly if Bank Nifty spot sustains below 18750 we may see a initial move on the downside upto 18677 &  on sustaining below 18658 we may see further downmove till 18524

Bank Nifty Spot Levels for the day are

Long above 18891 for 18934 
– 18984 – 19118 , SL 18799

Short below 18750 for 18707 – 18658 – 18524 , SL 18842

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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.