Tuesday, 1 January 2019

Bank Nifty Spot Outlook for 01st Jan

BANK NIFTY


In the previous session Bank Nifty spot opened at 27267.80 , made a high of 27286.50,  made a low of 27105,  before closing at 27160.20 .

Had mentioned that long trade for the day will get triggered on sustaining above 27205 and short trade for the day will get triggered on sustaining below 27045 .Bank Nifty triggered our long trade with a gap up and completed just 1 target. 

For this week Bank Nifty needs to break and sustain / close above 27340 to test 27565 - 27625 initially and above it we can see a test of 27820 - 28035 . Similarly Bank Nifty needs to break and sustain / close below 26910 to test 26685 - 26625 initially and below it we can see a test of 26430 - 26215. 

For the month of January , longs will get confirmed with a consecutive close above 27290 for a initial target of 27725 - 27835 and sustaining / closing above it we can see a further test of 28210 - 28620 . Similarly , shorts will get confirmed with a consecutive close below  26465 for a initial target of 26035 - 25925 and sustaining / closing below it we can see a further move till 25550 - 25135. 

Now in the coming session Bank Nifty needs to break and sustain above 27240 to test 27320 - 27345 initially and sustaining above it we can see a further upmove till 27415 - 27495. Similarly breaking and sustaining below 27080 we can see a test of 27000 - 26975 initially and sustaining below it we can see a further correction till 26905 - 26830 .


Bank Nifty Spot Levels for the day are

Long above 27240 for 27290 - 27345 - 27495 , SL 27185

Short below 27080 for 27035 - 26975 - 26830 , SL 27135

Wishing everyone a very happy , safe and prosperous new year 2019.

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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.