Thursday, 23 January 2020

Bank Nifty Spot Outlook for 24th Jan

In the previous session : 

Bank Nifty went down by 80 points and then went up by 386 points finally closing higher by 303 points on Thursday compared to its previous day'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 23rd Jan Bank Nifty initially triggered our short trade but could not sustain and reversed to trigger our long trade and did 300 points..

For 24th Jan  :

Sustaining above 31085 enter for 31140 - 31200 - 31355 , SL 31030

Sustaining below 30920 enter for 30870 - 30810 - 30650 , SL 30975

  • Had mentioned yesterday "Bank Nifty has support at 30540 and if it does not sustain below this on a further correction then we can see a bounce back towards 30900 - 31000 levels . " , and today Bank Nifty made a low of 30621 and bounced back to make a high of 31087.25 

  • Bank Nifty has immediate resistance near 31340 - 31510 and it needs to break and sustain above it for a further upmove else we may see some selling pressure from around these levels.

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 had again confirmed its monthly short trade and we were expecting it to test 30860 - 30460 and today Bank Nifty has made a low of 30614 nearly completing all our targets  . 

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

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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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