Tuesday, 1 January 2019

Bank Nifty Spot Outlook for 02nd Jan

BANK NIFTY


In the previous session Bank Nifty spot opened at 27231.40 , made a low of 27019.05,  made a high of 27430.55,  before closing at 27392.40 .

Had mentioned that long trade for the day will get triggered on sustaining above 27240 and short trade for the day will get triggered on sustaining below 27080 .Bank Nifty initially triggered our short trade for the day and completed just 1 target. Bank Nifty took support above our weekly short levels of 26990 and bounced back sharply. Bank Nifty then triggered our long trade for the day and did nearly 200 points.

As mentioned " 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. " , and Bank Nifty has given a close above 27340 indicating we can see a test of 27565 - 27625 in the coming sessions.

Also as mentioned " 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 we need Bank Nifty to  give a consecutive close above 27290 in the coming session to make a move towards 27725 - 27835 .  

Now in the coming session Bank Nifty needs to break and sustain above 27475 to test 27560 - 27585 initially and sustaining above it we can see a further upmove till 27655 - 27740. Similarly breaking and sustaining below 27310 we can see a test of 27225 - 27205 initially and sustaining below it we can see a further correction till 27130 - 27045 .


Bank Nifty Spot Levels for the day are

Long above 27475  for 27525 - 27585 - 27740 , SL 27415

Short below 27310 for 27260 - 27205 - 27045 , SL 27370

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.