Monday, 6 January 2020

Bank Nifty Spot Outlook for 07th Jan

In the previous session : 

Nifty corrected by 899 points and closed down by 832 points from Friday close . 

Bank Nifty made a life time high of 32613.10 on 30th December and has since then been trading sideways to negative. 

Bank Nifty triggered a short trade as per our weekly levels and did around 700+ points                                         

For 07 Jan  :

Sustaining above 31370 enter for 31450 - 31545 - 31795 

Sustaining below 31105 enter for 31025 - 30930 - 30680 

How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

For this month :

  • Bank Nifty longs will get confirmed with a consecutive close above 32565 for a initial target of 32990 - 33100 and sustaining / closing above 33100 we can see a further move till 33465 - 33865 .  

  • Bank Nifty shorts will get confirmed with a consecutive close below 31760 for  a initial target of 31335 - 31225 and sustaining / closing below 31225 we can see a further move till 30860 - 30460 . 

  • Bank Nifty completed its initial monthly targets and has closed just above 31225 . Sustaining below 31225 in the coming sessions we can a further correction towards 30860 - 30460 . 

  • Holding above 31225 we can expect a bounce towards 31550 - 31750 levels. 

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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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