Wednesday, 23 November 2016

Bank Nifty Spot Outlook for 23rd November

BANK NIFTY


Bank Nifty spot opened at 18626.70 and made a high of 18650.50 , then went down till 18322.70 before closing at 18548.65 .  Had mentioned long positions can be taken above 18574 and short positions can be taken below 18319 for the day.  Bank Nifty triggered our long trade but did not complete any targets . Had mentioned previously' IF Bank Nifty recovers to close above 19207 levels on closing we can expect a retest of 19525 - 19840 levels and above that 20260 levels again . IF Bank Nifty continues to sustain below 19207 then we can see a test of the support at 18805 - 18505' .Also had mentioned in the previous post that 'Today we saw Bank Nifty break and close below this support and IF it sustains or gives a consecutive close below it then we can expect a further correction till 18185 - 18020 .IF Bank Nifty holds on to 18505 on closing then we can expect a bounce till 19020 - 19210 levels initially  and above that till 19315 - 19495 levels. Today Bank Nifty managed to give a close above 18505 and if we get a consecutive close above it then we can expect at test of 18880 and above it 19020 - 19210 levels. We can expect the upmove to be sold into till Bank Nifty does not give a close above 19207 .

For the month of November we can expect uptrend in Bank Nifty spot on a consecutive closing above 19840 and downtrend to continue on a consecutive closing below 19207 . 

For today if Bank Nifty spot sustains above 18675 we can see a initial move upto 18810 & on sustaining above 18844 we may see further upmove  till 19086. Similarly if Bank Nifty spot sustains below 18422 we may see a initial move on the downside upto 18288 &  on sustaining below 18254 we may see further downmove till 18011

Bank Nifty Spot Levels for the day are

Long above 18675 for 18754 
– 18844 – 19086 , SL 18509

Short below 18422 for 18343 – 18254 – 18011 , SL 18588

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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.