Wednesday, 23 January 2019

Bank Nifty Spot Outlook for 24th Jan

BANK NIFTY


In the previous session Bank Nifty spot opened at 27493.10 and made a high of 27564.70,  it made a low of 27189.60,  before closing at 27250.75

Had mentioned that long trade for the day will get triggered on sustaining above 27530 and short trade for the day will get triggered on sustaining below 27435 .Bank Nifty initially triggered our long trade but did just 1 target and took our TSL. It then triggered our short trade and completed all our targets and did 225+ points . 

As mentioned " For this week Bank Nifty needs to break and sustain / close above 27610 to test 27775 - 27815 initially and above it we can see a test of 27955 - 28105 . Similarly Bank Nifty needs to break and sustain / close below 27300 to test 27140 - 27100 initially and below it we can see a test of 26960 - 26805. " , and Bank Nifty triggered our weekly short trade and we can see a test of 27140 - 27100 in the coming sessions on sustaining below 27300. Those who are holding shorts should move trailing cbsl to 27360 now from 27410.

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. Today Bank Nifty closed below 27290 and sustaining below it we can see a test of 27140 -  27100 initially. 

Now in the coming session Bank Nifty needs to break and sustain above 27300 to test 27350 - 27360 initially and sustaining above it we can see a further upmove till 27405 - 27450. Similarly breaking and sustaining below 27200 we can see a test of 27155 - 27140 initially and sustaining below it we can see a further correction till 27100 - 27050.


Bank Nifty Spot Levels for the day are

Long above 27300  for 27330 - 27360 - 27450 , SL 27265

Short below 27200 for 27175 - 27140 - 27050 , SL 27240

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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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