Sunday, 17 November 2019

Bank Nifty Spot Outlook for 18th Nov

BANK NIFTY


In the previous session Bank Nifty spot opened at 30912.40, made a low of 30860.70,  made a high of 31165.45 before closing at 31008.40

Had mentioned that long trade will get triggered for the day on sustaining above 30860 and short trade will get triggered for the day on sustaining below 30645. Bank Nifty triggered our long trade and nearly 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 31295 and then enter for a initial target of 31595 - 31670 and look to hold further only on sustaining or getting a close above 31670 for the next targets of 31930 - 32210. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30725 and then enter for a initial target of 30425 - 30350 and look to hold further only on sustaining or getting a close below 30350 for the next targets of 30090 - 29805.



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. Now Bank Nifty has to sustain/ close strongly above 31065 to move towards our next targets .Nifty is yet to confirm its monthly long trade and that is putting pressure on Bank Nifty to move up further. 



Bank Nifty has outperformed the Nifty so far this month since Nifty is yet to even confirm its monthly long with a consecutive close above 12010. This is making us cautious for the coming week as without the Nifty joining in the upmove, Bank Nifty might not be able to sustain this outperformance .


Bank Nifty has immediate resistance near 31185 - 31295 and it needs to sustain / close above for a further upmove towards 31455 - 31670 levels.

Now on the downside Bank Nifty has immediate support near 30830 - 30725 and it needs to sustain or give a consecutive close below 30725 for a further downmove towards 30425 - 30350  levels initially. 





Now in the coming session Bank Nifty needs to break and sustain above 31115 to test 31230 - 31260 initially and sustaining above it we can see a further upmove till 31355 - 31465. Similarly breaking and sustaining below 30900 we can see a test of 30785 - 30760 initially and sustaining below it we can see a further correction till 30660 - 30555



Bank Nifty Spot Levels for the day are

Long above 31115 for 31185 - 31260 - 31465 , SL 31040

Short below 30900 for 30835 - 30760 - 30555 , SL 30975

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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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