Sunday, 5 January 2020

Weekly Spot Outlook Of Bank Nifty For 06th to 10th Jan

Wishing everyone a very happy and prosperous New Year "2020" 

In the previous week : 


Bank Nifty went up by 200 points and then went down by 451 points before finally ending the week with a loss of 343 points compared to last weekly closing. 


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


For this week :

Bank Nifty Resistance Zones -  32225 - 32320 &  32580 - 32645

Bank Nifty Support Zones - 31915 - 31820 & 31560 - 31490

Targets expected if both resistances are broken : 32870 - 33120

Targets expected if both supports are broken : 31265 - 31020 



How to use these levels 
  • Enter on breaking above/below the initial weekly resistance or support zone and look to book partly/fully once price enters the next resistance or support zone . Re-enter if price sustains or closes above / below the next resistance or support zone for final targets . 

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 .  

  • 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 . 


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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.

2 comments:

  1. Thanks. These are useful levels as usual.

    ReplyDelete
    Replies
    1. Am glad to know that. Thank you for appreciating it.

      Delete