Tuesday, 24 January 2017

Bank Nifty Spot Outlook for 25th January

BANK NIFTY


Bank Nifty spot opened at 18931 and made a low of 18906.95 , then went up till 19054.30 before closing at 19023.50 . Had  mentioned that long positions can be taken above 18912 and short positions can be taken below 18773 for the day .  

Bank Nifty triggered our intraday long trade and missed completing our last target for the day . Bank Nifty also confirmed our weekly longs at close and if sustains above it then we may see the weekly resistance being tested at 19205 - 19253 and breaking above it we may see it go for the next targets of 19421 - 19606 . 

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 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 had failed to close above 19268 indicating weakness and we saw Bank Nifty correct 500+ points to make a low of 18722.85 in the previous session . 

Also as mentioned '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 . 

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 19076 we can see a initial move till 19132 & on sustaining above 19146 we may see further move  till 19247 . Similarly if Bank Nifty spot sustains below 18971 we may see a initial move on the downside till 18915 &  on sustaining below 18901 we may see further move till 18800

Bank Nifty Spot Levels for the day are

Long above 19076 for 19109 
– 19146 – 19247 , SL 19007

Short below 18971 for 18938 – 18901 – 18800 , SL 19040

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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.