Sunday, 12 January 2020

Bank Nifty Spot Outlook for 13th Jan

In the previous session : 

Bank Nifty went up by 255 points and closed higher by just 5 points from Thursday's close . 

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

As per levels given for 10th Jan Bank Nifty triggered our long trade and gave 100 points 

For 13th Jan  :

Sustaining above 32260 enter for 32355 - 32465 - 32770

Sustaining below 31940 enter for 31840 - 31730 - 31425 

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 holding above 31225 we got a bounce towards 32300+ levels .

  • Now Bank Nifty has a congestion zone around 32565 - 32625 and it has to give a strong  close above 32625 for the upward momentum to continue .

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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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