Monday, 30 January 2017

Bank Nifty Spot Outlook for 31st January

BANK NIFTY


Bank Nifty spot opened at 19718.80 and made a high of 19767.05 , then went down till 19561.10 before closing at 19585.20 . Had  mentioned that long positions can be taken above 19787 and short positions can be taken below 19630 for the day .  

Bank Nifty triggered our intraday short trade and completed just 1 target for the day . Bank Nifty also tested our weekly short levels of 19580 but could not confirm the weekly short and finally closed also above it at 19585.20 . 

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 19666 we can see a initial move till 19751 & on sustaining above 19772 we may see further move  till 19926 . Similarly if Bank Nifty spot sustains below 19505 we may see a initial move on the downside till 19420 &  on sustaining below 19398 we may see further move till 19245

Bank Nifty Spot Levels for the day are

Long above 19666 for 19715 
– 19772 – 19926 , SL 19560

Short below 19505 for 19455 – 19398 – 19245 , SL 19610

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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.