Tuesday 12 November 2019

Bank Nifty Spot Outlook for 13th Nov

BANK NIFTY


In the previous session Bank Nifty spot opened at 30664.65, made a low of 30625.80,  made a high of 31205.20 before closing at 31115.55

Had mentioned that long trade will get triggered for the day on sustaining above 30815 and short trade will get triggered for the day on sustaining below 30685. Bank Nifty initially triggered our short trade and completed just 1 target and took our TSL. Bank Nifty then triggered our long 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. 

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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.

Bank Nifty confirmed our weekly long trade and completed our initial targets giving 300+ points.Now it needs to sustain / close above 31140 in the coming sessions to move towards next targets of 31295 - 31460. Those who are holding longs should trail cbsl to 30850 now.



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 31205.20 completing our initial targets and has closed above its initial resistance . Sustaining closing above 31065 in the coming session can see a move towards 31455 - 31880 next . 


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 has also closed above it . Now holding above 31065 it can move towards its next targets. Only point of concern is that Nifty has not yet participated and confirmed its monthly long failing to be in sync with Bank Nifty which indicates to be cautious. 

Now on the downside Bank Nifty has immediate support near 30920 - 30800 and it needs to sustain or give a consecutive close below 30800 for a further downmove towards 30645 - 30580. 







Now in the coming session Bank Nifty needs to break and sustain above 31180 to test 31245 - 31260 initially and sustaining above it we can see a further upmove till 31315 - 31380. Similarly breaking and sustaining below 31055 we can see a test of 30990 - 30970 initially and sustaining below it we can see a further correction till 30915 - 30850



Bank Nifty Spot Levels for the day are

Long above 31180 for 31215 - 31260 - 31380 , SL 31135

Short below 31055 for 31015 - 30970 - 30850 , SL 31095

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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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