Bank Nifty Spot Outlook for 09th Jan

BANK NIFTY

In the previous session Bank Nifty spot opened at 27301.90 , made a low of 27161.95,  made a high of 27542.40,  before closing at 27509.50 .

Had mentioned that long trade for the day will get triggered on sustaining above 27375 and short trade for the day will get triggered on sustaining below 27225 .Bank Nifty initially triggered our short trade for the day and completed 1 target . It then reversed and triggered our long trade and did 150 points  . 

As mentioned earlier "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. " , and today Bank Nifty triggered our weekly long trade and sustaining above 27400 in the coming session we can see a test of 27615 - 27670 initially.

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 can now make a move towards 27725 - 27835  . 

Now in the coming session Bank Nifty needs to break and sustain above 27580 to test 27655 - 27675 initially and sustaining above it we can see a further upmove till 27740 - 27810. Similarly breaking and sustaining below 27435 we can see a test of 27365 - 27345 initially and sustaining below it we can see a further correction till 27280 - 27210 .

Bank Nifty Spot Levels for the day are

Long above 27580  for 27625 - 27675 - 27810 , SL 27530

Short below 27435 for 27395 - 27345 - 27210 , SL 27490

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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.