Tuesday, 17 January 2017

Bank Nifty Spot Outlook for 18th January

BANK NIFTY


Bank Nifty spot opened at 19128.15 and made a high of 19202.25 , then went down till 18981.85 before closing at 19067.05  . Had  mentioned that long positions can be taken above 19155 and short positions can be taken below 19037 for the day . Bank Nifty initially triggered our long trade and completed just 1 target and took resistance near our initial levels of resistance of 19160 - 19227 given . It then triggered our short trade and completed just 1 target .   As mentioned previously on closing above 18505 - 18805 levels we can expect a bounce till 19020 - 19210 levels  and today we made a high of 19202.25 . Had also mentioned previously that 'Till Bank Nifty does not give a consecutive close above 18506 this month we can expect the upmoves to be sold into ' and now after breaking and sustaining / closing above 18506 level Bank Nifty has given a further upmove of 600+ points with today's high . 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 ' and today Bank Nifty closed marginally below this zone by 18 points . For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 19065 we can expect Bank Nifty to face resistance near 19160 - 19227 initially Closing above 19268 we can expect a move till  19407 - 19560' . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 18759 we can expect Bank Nifty to get some support near 18665 - 18597 initially .Closing below 18557 we can expect a move till 18417 - 18264 . Today again Bank Nifty has closed just above our weekly long confirmation levels after testing our initial resistance zone of 19160 - 19227. We need to watch tomorrow if Bank Nifty can break this range and also break above 19268 and sustain as this would trigger further upmove for this week . Failing to do so we may see a test of 18760 . 

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 19118 we can see a initial move upto 19171 & on sustaining above 19185 we may see further upmove  till 19281 . Similarly if Bank Nifty spot sustains below 19016 we may see a initial move on the downside upto 18963 &  on sustaining below 18949 we may see further downmove till 18853

Bank Nifty Spot Levels for the day are

Long above 19118 for 19149 
– 19185 – 19281 , SL 19051

Short below 19016 for 18985 – 18949 – 18853 , SL 19083

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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.