Bank Nifty Spot Outlook for 07th Jan

BANK NIFTY

In the previous session Bank Nifty spot opened at 26999.70 , made a low of 26926.10,  made a high of 27274.50,  before closing at 27195 .

Had mentioned that long trade for the day will get triggered on sustaining above 27050 and short trade for the day will get triggered on sustaining below 26870 .Bank Nifty triggered our long trade for the day and did 220 points.

For this week Bank Nifty needs to break and sustain / close above 27400 to test 27615 - 27670 initially and above it we can see a test of 27855 - 28060 . Similarly Bank Nifty needs to break and sustain / close below 26990 to test 26775 - 26720 initially and below it we can see a test of 26535 - 26330. 

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 had failed to  give a consecutive close above 27290 to confirm our monthly long trade last week . 

Now in the coming session Bank Nifty needs to break and sustain above 27275 to test 27355 - 27375 initially and sustaining above it we can see a further upmove till 27445 - 27520. Similarly breaking and sustaining below 27115 we can see a test of 27035 - 27015 initially and sustaining below it we can see a further correction till 26945 - 26870 .

Bank Nifty Spot Levels for the day are

Long above 27275  for 27320 - 27375 - 27520 , SL 27215

Short below 27115 for 27070 - 27015 - 26870 , SL 27175

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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.