Wednesday, 30 January 2019

Bank Nifty Spot Outlook for 31st Jan

BANK NIFTY


In the previous session Bank Nifty spot opened at 26789.75 and made a low of 26693.70,  it made a high of 26916.25,  before closing at 26825.50.

Had mentioned that long trade for the day will get triggered on sustaining above 26635 and short trade for the day will get triggered on sustaining below 26515 .Bank Nifty triggered our long trade and did 275 points .

Had mentioned " 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. " , and Bank Nifty had triggered our weekly short trade and completed all our weekly short targets and even bettered it by another 180 points. 

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 and had reversed . Today it tested our shorting level of 26465 with a low of 26441.55. but closed well above it . 

Had mentioned in the previous post "Now in the coming session Bank Nifty has to hold 26415 for a pullback to be expected towards 26715 - 26755 initially and above it towards 26865" , and Bank Nifty had made a low of 26441 and had bounced back and today made a high of 26916.25 .

Now in the coming session Bank Nifty needs to break and sustain above 26900 to test 26975 - 26995 initially and sustaining above it we can see a further upmove till 27055 - 27130. Similarly breaking and sustaining below 26755 we can see a test of 26680 - 26660 initially and sustaining below it we can see a further correction till 26595 - 26520. 



Bank Nifty Spot Levels for the day are

Long above 26900 for 26940 - 26995 - 27130 , SL 26845

Short below 26755 for 26710 - 26660 - 26520 , SL 26805

Bank Nifty needs to strongly break and sustain above 27080 for a further upmove on expiry day.

The expected expiry range band is as follows 

Upper End - 27035 to 27075

Lower End - 26615 to 26575

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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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