Wednesday, 20 November 2019

Bank Nifty Spot Outlook for 21st Nov

BANK NIFTY


In the previous session Bank Nifty spot opened at 31292.35, made a low of 31205.55,  made a high of 31471.65 before closing at 31353.85

Had mentioned that long trade will get triggered for the day on sustaining above 31345 and short trade will get triggered for the day on sustaining below 31130. Bank Nifty triggered our long trade and completed 2 targets giving 125 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.

Bank Nifty today triggered our weekly long trade. Now in the coming sessions it needs to sustain above 31295 to move towards its initial targets. Nifty is lagging behind in this upward momentum and can put pressure on Bank Nifty. Those who are long should keep a stoploss of 31095.


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 monthly long trade and hads already completed our initial targets . Today it tested its next target zone of 31455 - 31880 with a high of 31471.65 . Nifty is yet to confirm its monthly long trade and that can weighing on Bank Nifty now and may build some selling pressure on further upmoves. 



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 next resistance with a high of 31471.65

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 31455 to test 31560 - 31585 initially and sustaining above it we can see a further upmove till 31675 - 31775. Similarly breaking and sustaining below 31255 we can see a test of 31150 - 31120 initially and sustaining below it we can see a further correction till 31030 - 30930



Bank Nifty Spot Levels for the day are

Long above 31455 for 31515 - 31585 - 31775 , SL 31385

Short below 31255 for 31190 - 31120 - 30930 , SL 31325

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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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