Tuesday, 19 November 2019

Bank Nifty Spot Outlook for 20th Nov

BANK NIFTY


In the previous session Bank Nifty spot opened at 31045.15, made a low of 30974.30,  made a high of 31298.05 before closing at 31236.25

Had mentioned that long trade will get triggered for the day on sustaining above 31100 and short trade will get triggered for the day on sustaining below 30885. Bank Nifty triggered our long trade and completed 2 targets giving 150+ 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 has already completed our initial targets . Today it made a new high for the month at 31298.05 inching slowly towards its next targets. Nifty is yet to confirm its monthly long trade and that will keep weighing on Bank Nifty as it moves further. 



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


As mentioned previously "Bank Nifty has immediate resistance near 31185 - 31295 and it needs to sustain / close above for a further upmove towards 31455 - 31670 levels." , and today Bank Nifty tested the immediate resistance with a high of 31298.05

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 31345 to test 31455 - 31485 initially and sustaining above it we can see a further upmove till 31580 - 31690. Similarly breaking and sustaining below 31130 we can see a test of 31015 - 30990 initially and sustaining below it we can see a further correction till 30890 - 30785



Bank Nifty Spot Levels for the day are

Long above 31345 for 31410 - 31485 - 31690 , SL 31270

Short below 31130 for 31065 - 30990 - 30785 , SL 31205

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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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