Wednesday, 13 November 2019

Bank Nifty Spot Outlook for 14th Nov

BANK NIFTY


In the previous session Bank Nifty spot opened at 31084.75, made a high of 31198.50,  made a low of 30488.10 before closing at 30541.55

Had mentioned that long trade will get triggered for the day on sustaining above 31180 and short trade will get triggered for the day on sustaining below 31055. Bank Nifty initially triggered our long trade and took our stoploss . Bank Nifty then reversed and triggered our short trade and completed all targets and corrected further giving 500+ 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.

Bank Nifty had confirmed our weekly long trade and completed our initial targets giving 300+ points. Today it failed to sustain / close above 31140 to move towards our next targets of 31295 - 31460 and took our stoploss at 30850 given yesterday for longs. Bank Nifty has closed below 30580 confirming our weekly short trade today and sustaining below we can see a move towards our initial targets of 30400 - 30355 and further towards 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 31205.20 completing our initial targets and has closed above its initial resistance . Today it could not sustain above 31065 and we saw a correction towards below 30500 levels. Had cautioned in the previous poas 


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 . 

Had cautioned in the previous post regarding Bank Nifty " 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. " , and today we it correct to below 30500 levels intraday. 

Now on the downside Bank Nifty has immediate support near 30300 - 30190 and it needs to sustain or give a consecutive close below 30190 for a further downmove towards 30035 - 29935. 







Now in the coming session Bank Nifty needs to break and sustain above 30650 to test 30755 - 30785 initially and sustaining above it we can see a further upmove till 30880 - 30985. Similarly breaking and sustaining below 30435 we can see a test of 30325 - 30300 initially and sustaining below it we can see a further correction till 30205 - 30100



Bank Nifty Spot Levels for the day are

Long above 30650 for 30710 - 30785 - 30985 , SL 30575

Short below 30435 for 30370 - 30300 - 30100 , SL 30510

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