Wednesday, 27 November 2019

Bank Nifty Spot Outlook for 28th Nov

BANK NIFTY


In the previous session Bank Nifty spot opened at 31832.75, made a low of 31734.50,  made a new all time high of 31916.80 before closing at 31875.95


Had mentioned that long trade will get triggered for the day on sustaining above 31790 and short trade will get triggered for the day on sustaining below 31645. Bank Nifty triggered our long trade and completed 2 targets giving 100+ 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.

Bank Nifty had confirmed its weekly long trade and has completed its initial targets and today moved up further towards its next targets giving 600+ points from the weekly long trade. Now in the coming sessions Bank Nifty needs to sustain above 31765 for a further upmove towards its next targets . 


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 today completed all its monthly long targets placed at 31880 with a high of 31916.80 giving around 1400+ points from the monthly long trade. 


Bank Nifty has hugely outperformed the Nifty so far this month since Nifty had struggled to confirm its monthly long trade with a consecutive close above 12010. Now its important for Nifty to hold above 12010 to continue moving up towards new life highs . 
Now Bank Nifty has immediate resistance at 32050 - 32100 and it needs to sustain above it for a further upmove towards 32255 - 32440 levels . 

Now on the downside Bank Nifty has immediate support near 31705 - 31665 and below it at 31395 - 31285 .




Now in the coming session Bank Nifty needs to break and sustain above 31950 to test 32025 - 32045 initially and sustaining above it we can see a further upmove till 32110 - 32180. Similarly breaking and sustaining below 31800 we can see a test of 31725 - 31705 initially and sustaining below it we can see a further correction till 31640 - 31570



Bank Nifty Spot Levels for the day are

Long above 31950 for 31995 - 32045 - 32180 , SL 31895

Short below 31800 for 31760 - 31705 - 31570 , SL 31855

Expiry Range

Upper End - 32120

Lower End - 31630

P.S.The stoploss has narrowed down a lot and usually it happens when the current trend is beginning to lose its steam. Lets see how it moves along in the coming sessions.

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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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