Bank Nifty Spot Outlook for 26th Nov

BANK NIFTY

In the previous session Bank Nifty spot opened at 31065.10, made a low of 31049.75,  made a high of 31591.60 before closing at 31564.60

Had mentioned that long trade will get triggered for the day on sustaining above 31220 and short trade will get triggered for the day on sustaining below 31005. Bank Nifty triggered our long trade and completed all targets giving 340 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.

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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.

Bank Nifty also confirmed its weekly long trade today and sustaining above 31395 in the coming sessions we can see it move towards 31690 - 31765 levels initially.

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 today entered our next long targets zone  of 31455 - 31880 for the month with a high of 31591.60 giving nearly 1100 points for the month from the long trade.

Had mentioned in the previous post "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 ." , today we saw Nifty break strongly above 12010 and also give a close well above it . Now if Nifty continues to participate in the coming sessions we can see Bank Nifty complete all its targets and maybe exceed it too.

 

Now that Bank Nifty has closed well above its immediate resistance zone of 31395 - 31480 ,we can see it move towards its next resistance zone of 31690 - 31765 levels in the coming session.

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 31680 to test 31795 - 31825 initially and sustaining above it we can see a further upmove till 31930 - 32040. Similarly breaking and sustaining below 31450 we can see a test of 31335 - 31305 initially and sustaining below it we can see a further correction till 31200 - 31090

Bank Nifty Spot Levels for the day are

Long above 31680 for 31745 - 31825 - 32040 , SL 31600

Short below 31450 for 31385 - 31305 - 31090 , SL 31530

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