Sunday, 24 November 2019

Bank Nifty Spot Outlook for 25th Nov

BANK NIFTY


In the previous session Bank Nifty spot opened at 31389.60, made a high of 31394.20,  made a low of 31055.20 before closing at 31111.60

Had mentioned that long trade will get triggered for the day on sustaining above 31450 and short trade will get triggered for the day on sustaining below 31250. Bank Nifty triggered our short trade and completed 2 targets giving 200 points. 

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31395 and then enter for a initial target of 31690 - 31765 and look to hold further only on sustaining or getting a close above 31765 for the next targets of 32025 - 32300.

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30830 and then enter for a initial target of 30530 - 30455 and look to hold further only on sustaining or getting a close below 30455 for the next targets of 30200 - 29920.



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 completed our initial targets and also reached our next targets post confirming our monthly longs making a high of 31471.65 giving 950+ points for the month. 

Bank Nifty has outperformed the Nifty so far this month since Nifty is yet to even confirm its monthly long trade with a consecutive close above 12010. This is making us cautious for the expiry 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 31395 - 31480 and it needs to sustain / close above for a further upmove towards 31690 - 31765 levels.

Now on the downside Bank Nifty has immediate support near 30940 - 30830 and it needs to sustain or give a consecutive close below 30830 for a further downmove towards 30530 - 30455  levels initially. 





Now in the coming session Bank Nifty needs to break and sustain above 31220 to test 31330 - 31360 initially and sustaining above it we can see a further upmove till 31455 - 31560. Similarly breaking and sustaining below 31005 we can see a test of 30895 - 30865 initially and sustaining below it we can see a further correction till 30770 - 30660



Bank Nifty Spot Levels for the day are

Long above 31220 for 31285 - 31360 - 31560 , SL 31145

Short below 31005 for 30940 - 30865 - 30660 , SL 31080

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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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