Bank Nifty Spot Outlook for 03rd Jan

BANK NIFTY

In the previous session Bank Nifty spot opened at 27297 , made a high of 27397.55,  made a low of 27077.60,  before closing at 27174.70 .

Had mentioned that long trade for the day will get triggered on sustaining above 27475 and short trade for the day will get triggered on sustaining below 27310 .Bank Nifty triggered our short trade for the day and nearly completed all short targets giving 240 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 today took our stoploss after triggering our weekly longs in the previous session. Now Bank Nifty has to hold above 26990 for any upmove to be expected else sustaining below it we can see a test of 26780 - 26685 in the coming session.

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." , and Bank Nifty failed to  give a consecutive close above 27290 today to confirm our monthly long trade . 

Now in the coming session Bank Nifty needs to break and sustain above 27260 to test 27350 - 27370 initially and sustaining above it we can see a further upmove till 27450 - 27535. Similarly breaking and sustaining below 27090 we can see a test of 27000 - 26980 initially and sustaining below it we can see a further correction till 26900 - 26815 .

Bank Nifty Spot Levels for the day are

Long above 27260  for 27310 - 27370 - 27535 , SL 27200

Short below 27090 for 27040 - 26980 - 26815 , SL 27150

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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.