Wednesday, 15 January 2020

Bank Nifty Spot Outlook for 16th Jan

In the previous session : 

Bank Nifty went down by 401 points and closed lower by 247 points from Tuesday'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 15th Jan Bank Nifty triggered our short trade and gave 245 points .

For 16th Jan  :

Sustaining above 31980 enter for 32070 - 32180 - 32470

Sustaining below 31670 enter for 31580 - 31475 - 31185

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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