Wednesday, 21 November 2018

Bank Nifty Spot Outlook for 22nd Nov

BANK NIFTY


In the previous session Bank Nifty spot opened at 26105.45 , made a low of 26060.55,  made a low of 26342.05,  before closing at 26262.05

Had mentioned that long trade for the day will get triggered on sustaining above 26175 and short trade for the day will get triggered on sustaining below 26050 . Bank Nifty triggered our long trade and did 175 points.

Now in this week Bank Nifty needs to break and sustain / close above 26405 to test 26565 - 26610 initially and above it we can see a test of 26750 - 26905 . Similarly Bank Nifty needs to break and sustain / close below 26090 to test 25925 - 25885 initially and below it we can see a test of 25740 - 25585.

As mentioned "For the month of November , further longs will get confirmed with a consecutive close above 25850 for a initial target of 26355 - 26515 and sustaining / closing above it we can see a further test of 27045 - 27630 . Similarly , shorts will get confirmed with a consecutive close below  24570 for a initial target of 23950 - 23795 and sustaining / closing below it we can see a further move till 23265 - 22680 ." , and Bank Nifty gave a consecutive close above 25850 and made a high of 26379.10 near our initial expected levels of 26355 - 26515 . Now closing below 26090 we can see a move till 25995 - 25925 .

Now in the coming session Bank Nifty needs to break and sustain above 26325 to test 26390 - 26405 initially and sustaining above it we can see a further upmove till 26460 - 26520. Similarly breaking and sustaining below 26200 we can see a test of 26135 - 26120 initially and sustaining below it we can see a further correction till 26065 - 26005 .


Bank Nifty Spot Levels for the day are

Long above 26325 for 26360 - 26405 - 26520 , SL 26280

Short below 26200 for 26165 - 26120 - 26005 , SL 26245

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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.