Bank Nifty Spot Outlook for 10th Jan

BANK NIFTY

In the previous session Bank Nifty spot opened at 27651.25 , made a high of 27754.25,  made a low of 27409.50,  before closing at 27720.40 .

Had mentioned that long trade for the day will get triggered on sustaining above 27580 and short trade for the day will get triggered on sustaining below 27435 .Bank Nifty triggered our long trade for the day and did 170 points . Bank Nifty then reversed and triggered our short trade momentarily but couldnt sustain and again bounced back to close above 27700.

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 Bank Nifty had triggered our weekly long trade in the previous session and today made a high of 27754.25 completing our initial targets of 27615 - 27670 and also closed above it. Now in the coming session Bank Nifty needs to sustain above 27670 to move towards 27855 - 28060 . Those who are holding longs should move their cbsl to 27615 from 27255 now. 

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 today made a high of 27754.25 testing our initial targets of 27725 - 27835 after confirming our monthly long trade. Now in the coming session Bank Nifty needs to sustain / close above 27835 to move towards our next targets .

Now in the coming session Bank Nifty needs to break and sustain above 27790 to test 27865 - 27885 initially and sustaining above it we can see a further upmove till 27945 - 28015. Similarly breaking and sustaining below 27650 we can see a test of 27580 - 27560 initially and sustaining below it we can see a further correction till 27495 - 27425 .

Bank Nifty Spot Levels for the day are

Long above 27790  for 27835 - 27885 - 28015 , SL 27740

Short below 27650 for 27610 - 27560 - 27425 , SL 27700

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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.