Bank Nifty Spot Outlook for 29th Nov

BANK NIFTY

In the previous session Bank Nifty spot opened at 31981.70, made a low of 31905.90,  made a new all time high of 32157.05 before closing at 32122.95

Had mentioned that long trade will get triggered for the day on sustaining above 31950 and short trade will get triggered for the day on sustaining below 31800. Bank Nifty triggered our long trade and nearly completed all 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.

Bank Nifty had confirmed its weekly long trade and tested its next targets zone giving 800+ points from the weekly long trade. Now in the coming sessions Bank Nifty needs to sustain above 32050 to move further towards 32300  . 

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 has completed all its monthly long targets placed at 31880 and has exceeded it further with a high of 32157.05 giving around 1700+ points from the monthly long trade. 

Bank Nifty has outperformed the Nifty so far this month since Nifty had initially struggled to confirm its monthly long trade 

Bank Nifty has closed above its immediate resistance zone of 32050 - 32100 and holding above it we can see a further move towards 32255 - 32440 levels . 

Now on the downside Bank Nifty has immediate support near 31705 - 31665 .

Now in the coming session Bank Nifty needs to break and sustain above 32195 to test 32270 - 32290 initially and sustaining above it we can see a further upmove till 32355 - 32430. Similarly breaking and sustaining below 32050 we can see a test of 31975 - 31955 initially and sustaining below it we can see a further correction till 31890 - 31815

Bank Nifty Spot Levels for the day are

Long above 32195 for 32240 - 32290 - 32430 , SL 32145

Short below 32050 for 32005 - 31955 - 31815 , SL 32100

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.