Sunday, 10 November 2019

Bank Nifty Spot Outlook for 11th Nov

BANK NIFTY


In the previous session Bank Nifty spot opened at 30571.30, made a low of 30504.05,  made a high of 31108.40 before closing at 30749.40

Had mentioned that long trade will get triggered for the day on sustaining above 30715 and short trade will get triggered for the day on sustaining below 30585. Bank Nifty triggered our long trade and completed all targets giving 300+ points. 

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30920 and then enter for a initial target of 31095 - 31140 and look to hold further only on sustaining or getting a close above 31140 for the next targets of 31295 - 31460. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30580 and then enter for a initial target of 30400 - 30355 and look to hold further only on sustaining or getting a close below 30355 for the next targets of 30205 - 30035.


For this month :

For the month of November , longs will be confirmed in Bank Nifty with a consecutive close above 30495 for a initial target of 30950 - 31065 and sustaining / closing above 31065 we can see a further move till 31455 - 31880 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29640 for a initial target of 29185 - 29070 and sustaining / closing below 29070 we can see a further move till 28680 - 28250.

Bank Nifty had triggered our montly long trade and made a high of 31108.40 completing our initial targets and reaching its initial resistance. Post that we saw a correction and it closed well below 30800. 


As mentioned in the previous post "  Bank Nifty has given a close above 30495 and we need a consecutive close above it to make a move towards our initial targets of 30950 - 31065. Also we need Nifty to be in sync and close above its monthly confirmation levels." , Bank Nifty completed its initial target and reversed from its resistance zone as Nifty did not participate and failed to be in sync with Bank Nifty. Also Nifty failed to confirm its monthly long .

Now on the downside Bank Nifty has immediate support near 30330 - 30200 and it needs to sustain or give a consecutive close below 30200 for a further downmove towards 29800 - 29635  and holding the same is required for the upmove to resume.









Now in the coming session Bank Nifty needs to break and sustain above 30815 to test 30880 - 30900 initially and sustaining above it we can see a further upmove till 30955 - 31020. Similarly breaking and sustaining below 30685 we can see a test of 30620 - 30600 initially and sustaining below it we can see a further correction till 30545 - 30480



Bank Nifty Spot Levels for the day are

Long above 30815 for 30850 - 30900 - 31020 , SL 30770

Short below 30685 for 30645 - 30600 - 30480 , SL 30730

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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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