Thursday, 26 January 2017

Bank Nifty Spot Outlook for 27th January


Bank Nifty spot opened at 19120.05 and made a low of 19114.15 , then went up till 19518.45 before closing at 19473.20 . Had  mentioned that long positions can be taken above 19076 and short positions can be taken below 18971 for the day .  

Bank Nifty triggered our intraday long trade and completed all our long targets and also exceeded the last target by 250+ points . Had mentioned in the previous post that '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'  and we saw Bank Nifty give a stellar move of 500+ points after confirming our weekly longs and now only our last target of 19606 is pending for the week.

Bank Nifty has now moved up by 1000 points after giving a consecutive close above our monthly long confirmation level of 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 . Once Bank Nifty sustained above this level we saw a further upmove of 250 points.

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 . Bank Nifty has now made a high of 19518.45 and our last target is pending of 19606 now. 

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 19548 we can see a initial move till 19628 & on sustaining above 19648 we may see further move  till 19791 . Similarly if Bank Nifty spot sustains below 19398 we may see a initial move on the downside till 19319 &  on sustaining below 19299 we may see further move till 19155

Bank Nifty Spot Levels for the day are

Long above 19548 for 19595 
– 19648 – 19791 , SL 19450

Short below 19398 for 19352 – 19299 – 19155 , SL 19496

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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.

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