Sunday, 29 January 2017

Bank Nifty Spot Outlook for 30th January

BANK NIFTY


Bank Nifty spot opened at 19588.40 and made a low of 19534.80 , then went up till 19794.95 before closing at 19708.30 . Had  mentioned that long positions can be taken above 19548 and short positions can be taken below 19398 for the day .  

Bank Nifty triggered our intraday long trade and completed all our long targets for the day . Had mentioned in the previous post that 'Bank Nifty gave a stellar move of 500+ points after confirming our weekly longs and now only our last target of 19606 is pending for the week and we saw even that being achieved and exceeded by nearly 180+ points.

Bank Nifty has now moved up by 1200+ points after giving a consecutive close above our monthly long confirmation level of 18506 . 

Now for this week Bank Nifty needs to break and sustain above 19916 then we can expect a move till 20044 - 20135 levels initially and closing above 20190 we can expect the next move till 20379 - 20587 . Similarly Bank Nifty needs to break and sustain below 19500 then we can expect a move till 19373 - 19282 levels initially and closing below 19226 we can expect a further move till 19037 - 18830 . 

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 . Bank Nifty has given a move of 1200+ points after closing above the monthly long confirmation level till now.

For today if Bank Nifty spot sustains above 19787 we can see a initial move till 19870 & on sustaining above 19891 we may see further move  till 20040 . Similarly if Bank Nifty spot sustains below 19630 we may see a initial move on the downside till 19547 &  on sustaining below 19526 we may see further move till 19376

Bank Nifty Spot Levels for the day are

Long above 19787 for 19835 
– 19891 – 20040 , SL 19684

Short below 19630 for 19581 – 19526 – 19376 , SL 19733

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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.