Tuesday, 7 January 2020

Bank Nifty Spot Outlook for 08th Jan

In the previous session : 


Bank Nifty went up by 614 points and closed higher by 162 points from Monday's 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 had triggered our short trade on Monday as per our weekly levels and did around 700+ points and post that bounced back on Tuesday.                                         


As per levels given for 07th Jan Bank Nifty triggered our long trade and completed all targets giving 425+ points

For 08th Jan  :


Sustaining above 31535 enter for 31620 - 31715 - 31975 

Sustaining below 31260 enter for 31180 - 31080 - 30820 




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 confirmed its monthly short trade and has already completed its initial monthly targets .  Bank Nifty now needs to sustain below 31225 in the coming sessions for a further correction towards 30860 - 30460 . 

  • Holding above 31225 we can expect a bounce towards 31750 - 31925 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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