Thursday, 9 January 2020

Bank Nifty Spot Outlook for 10th Jan

In the previous session : 

Bank Nifty went up by 799 points and closed higher by 719 points from Wednesday'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 completed our targets doing 900+ points . Post that Bank Nifty bounced strongly on Thursday and now needs to break above 32250 - 32325 to make an attempt at its all time high.                                        

As per levels given for 09th Jan Bank Nifty triggered our long trade with a gap up and went up further by 500 points completing all our targets.

For 10th Jan  :

Sustaining above 32250 enter for 32350 - 32460 - 32765

Sustaining below 31935 enter for 31835 - 31725 - 31420 

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 completed its initial targets and also nearly tested its next targets with a low of 30899.55 

  • Post that as expected holding above 31225 we got a bounce towards 31750 - 31925 levels and above .

  • Now Bank Nifty has to give a strong consecutive close above 32565 for a bigger upmove.

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.

No comments:

Post a Comment