Thursday, 3 January 2019

Bank Nifty Spot Outlook for 04th Jan

BANK NIFTY


In the previous session Bank Nifty spot opened at 27181.60 , made a high of 27206.20,  made a low of 26923.75,  before closing at 26959.85 .

Had mentioned that long trade for the day will get triggered on sustaining above 27260 and short trade for the day will get triggered on sustaining below 27090 .Bank Nifty triggered our short trade for the day and did 150 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 triggered our weekly short trade and those who have entered shorts should keep stoploss of 27190 for a target of 26780 - 26685 where it has immediate support  triggering our weekly longs in the previous 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 to confirm our monthly long trade . 

Now in the coming session Bank Nifty needs to break and sustain above 27050 to test 27140 - 27165 initially and sustaining above it we can see a further upmove till 27245 - 27330. Similarly breaking and sustaining below 26870 we can see a test of 26780 - 26755 initially and sustaining below it we can see a further correction till 26680 - 26590 .


Bank Nifty Spot Levels for the day are

Long above 27050  for 27100 - 27165 - 27330 , SL 26985

Short below 26870 for 26820 - 26755 - 26590 , SL 26935

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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.

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