Thursday, 17 January 2019

Bank Nifty Spot Outlook for 18th Jan

BANK NIFTY


In the previous session Bank Nifty spot opened at 27568.60 and made a low of 27335.15,  it  made a high of 27611.55,  before closing at 27528.75.

Had mentioned that long trade for the day will get triggered on sustaining above 27545 and short trade for the day will get triggered on sustaining below 27420 .Bank Nifty initially triggered our long trade and did not sustain and reversed to trigger our short trade and did 2 targets giving 80 points . It then reveresed again to trigger our long trade and did nearly 2 targets giving 60 points indicating indecisiveness.

As mentioned " For this week Bank Nifty needs to break and sustain / close above 27650 to test 27860 - 27910 initially and above it we can see a test of 28090 - 28285 . Similarly Bank Nifty needs to break and sustain / close below 27255 to test 27050 - 27000 initially and below it we can see a test of 26820 - 26625." , and Bank Nifty had triggered our weekly short trade with a borderline close below 27255 and had taken our stoploss by giving a borderline close above 27395 . Bank Nifty is yet to trigger our weekly long trade by breaking above 27650 which should happen for a further upmove tomorrow.

As mentioned in the previous session " Now it has to sustain above 27395 to make a move towards our weekly long trigger levels of 27575 - 27650 in the coming session. " , and today Bank Nifty made a high of 27611.55 near our initial targets. It now has to break above 27650 for a further upmove.

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 made a high of 27754.25 testing our initial targets of 27725 - 27835 after confirming our monthly long trade. Now in the coming sessions 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 27585 to test 27650 - 27665 initially and sustaining above it we can see a further upmove till 27715 - 27775. Similarly breaking and sustaining below 27470 we can see a test of 27410 - 27395 initially and sustaining below it we can see a further correction till 27345 - 27285.


Bank Nifty Spot Levels for the day are

Long above 27585  for 27625 - 27665 - 27775 , SL 27545

Short below 27470 for 27435 - 27395 - 27285 , SL 27510

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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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