Tuesday, 24 January 2017

Bank Nifty Spot Outlook for 24th January

BANK NIFTY


Bank Nifty spot opened at 18762 and made a low of 18722.85 , then went up till 18909.65 before closing at 18842.70  . Had  mentioned that long positions can be taken above 18891 and short positions can be taken below 18750 for the day .  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 ' . Had mentioned in the post of last week too ' We need to watch if Bank Nifty can break this range of (19020 - 19210 ) and also break above 19268 and sustain as this would trigger further upmove for the week. Failing to do so we may see a test of 18760 '  and Bank Nifty made a high of 19276.50 but failed to close above 19268 indicating weakness. We saw Bank Nifty correct 500+ points to make a low of 18722.85 in todays session .  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 upmove 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 18912 we can see a initial move upto 18986 & on sustaining above 19005 we may see further upmove  till 19138 . Similarly if Bank Nifty spot sustains below 18773 we may see a initial move on the downside upto 18699 &  on sustaining below 18681 we may see further downmove till 18548

Bank Nifty Spot Levels for the day are

Long above 18912 for 18955 
– 19005 – 19138 , SL 18821

Short below 18773 for 18730 – 18681 – 18548 , SL 18864

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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.