Thursday, 21 November 2019

Bank Nifty Spot Outlook for 22nd Nov

BANK NIFTY


In the previous session Bank Nifty spot opened at 31413.25, made a high of 31463.15,  made a low of 31243.00 before closing at 31349.95

Had mentioned that long trade will get triggered for the day on sustaining above 31455 and short trade will get triggered for the day on sustaining below 31255. Bank Nifty initially triggered our long trade and took our stoploss . Bank Nifty then triggered our short trade and again took our stoploss indicating indecisiveness on the next move. 


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 had triggered our weekly long trade in the previous session . Now in the coming sessions it needs to sustain above 31295 to move towards its initial targets. BUT Nifty is lagging behind in this upward momentum and can put pressure on Bank Nifty hence those who are holding long should keep a stoploss of 31220 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 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 trade 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 Bank Nifty tested the next resistance with a high of 31471.65 till now. 

Bank Nifty has been seeing some resistance in the mentioned range of 31455 - 31670 in the past 2 sessions. Incase Bank Nifty is unable to break and sustain above it then we can see a correction towards 31180 - 31095 and breaking below it on good volumes further towards 30920 - 30830 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 31450 to test 31555 - 31585 initially and sustaining above it we can see a further upmove till 31675 - 31775. Similarly breaking and sustaining below 31250 we can see a test of 31145 - 31115 initially and sustaining below it we can see a further correction till 31025 - 30925



Bank Nifty Spot Levels for the day are

Long above 31450 for 31515 - 31585 - 31775 , SL 31380

Short below 31250 for 31185 - 31115 - 30925 , SL 31320

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