Saturday, 25 January 2020

Weekly Spot Outlook Of Bank Nifty for 27th to 31st Jan

In the previous week : 

Bank Nifty went up by 333 points and then went down by 976 points , before finally ending the week with a loss of 349 points compared to its 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. 

Bank for this week :

  • Sustaining above 31390 enter for 31485 - 31560 - 31635 

  • Further sustaining above 31745 enter for 31805 - 32025 - 32270 

  • Sustaining below 31090 enter for 31000 - 30925 - 30850

  • Further sustaining below 30710 enter for 30675 - 30455 - 30215

How to use these levels 
  • Enter on sustaining above/below the initial levels mentioned and look to book partly/fully once it completes its initial 3 targets . Re-enter if price further sustains or closes above / below the next levels mentioned for the next 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 .  

  • 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 confirmed monthly shorts once more and we saw a low of 30614 nearly completing all our short targets of 30860 - 30460 . Post that Bank Nifty has bounced back to above 31200 levels.

  • Now for the expiry week Bank Nifty has some resistance near 31485 and above it we can see a further upmove . Bank Nifty may outperform the Nifty incase of a upmove to bridge the divergence between them.

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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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