Saturday, 11 January 2020

Weekly Spot Outlook Of Bank Nifty for 13th to 17th Jan

In the previous week : 

Bank Nifty went up by 200 points and then went down by 1170 points , then went up by 278 points before finally ending the week with a gain of 28 points compared to last weekly closing. 

Bank 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 can face resistance at 32360 - 32520 &  above it at 32965 - 33075

Bank Nifty can take support at 31835 - 31675 & below it at 31230 - 31120

Targets expected on breaking resistance of 33075 are 33460 - 33880

Targets expected on breaking support of 31120 are 30735 - 30315 

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 . 

  • Last week monthly shorts were triggered and we saw of 30899.55 near our last 2 targets . Post that we have seen a good bounce in Bank Nifty and now it needs to give a strong consecutive close above 32565 for a further upmove this week else we can see profit booking and fresh shorts again.

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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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