Monday, 28 January 2019

Bank Nifty Spot Outlook for 28th Jan

BANK NIFTY


In the previous session Bank Nifty spot opened at 27261.45 and made a high of 27433.55,  it made a low of 27045.20,  before closing at 27115.30

Had mentioned that long trade for the day will get triggered on sustaining above 27315 and short trade for the day will get triggered on sustaining below 27220 .Bank Nifty initially triggered our long trade and 110 points . It then reversed and triggered our short trade and did 170 points . 

For this week Bank Nifty needs to break and sustain / close above 27230 to test 27355 - 27385 initially and above it we can see a test of 27490 - 27605 . Similarly Bank Nifty needs to break and sustain / close below 27000 to test 26875 - 26845 initially and below it we can see a test of 26740 - 26625. 

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. Also as mentioned in the previous post " Today Bank Nifty closed below 27290 and sustaining below it we can see a test of 27140 -  27100 initially." and Bank Nifty made a low of 27045.20 today . 

Now in the coming session Bank Nifty needs to break and sustain above 27160 to test 27205 - 27220 initially and sustaining above it we can see a further upmove till 27260 - 27300. Similarly breaking and sustaining below 27070 we can see a test of 27025 - 27015 initially and sustaining below it we can see a further correction till 26975 - 26930.

Bank Nifty now has good support near 27045 - 27000 which it needs to hold to give a pullback and sustaining below it we can see a further correction.


Bank Nifty Spot Levels for the day are

Long above 27160  for 27185 - 27220 - 27300 , SL 27100

Short below 27070 for 27045 - 27015 - 26930 , SL 27125

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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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