Sunday, 19 January 2020

Weekly Spot Outlook Of Bank Nifty For 20th to 24th Jan

In the previous week : 


Bank Nifty went up by 225 points and then went down by 652 points , before finally ending the week with a loss of 506 points compared to last weekly closing. 


Bank Nifty had 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 31760 - 31865 &  above it at 32160 - 32235

Bank Nifty can take support at 31420 - 31315 & below it at 31025 - 30950

Targets expected on breaking resistance of 32235 are 32485 - 32760

Targets expected on breaking support of 30950 are 30700 - 30420 



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 . 

  • Bank Nifty had confirmed monthly shorts once and we saw a low of 30899.55 near our last 2 targets . Post that we have seen a good bounce in Bank Nifty but it failed to confirm our monthly longs inspite of Nifty confirming it and holding well above it . Now once again Bank Nifty will confirm our monthly longs if it closes below 31760 on Monday . Closing above it we can expect one more bounce towards 32200+ levels and also a test of its all time high. 

  • Closing below 31760 on Monday will put pressure on Nifty too and the divergence between both the index has to be met this week by either one catching up with the other.

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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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