Monday, 2 January 2017

Bank Nifty Spot Outlook for 02nd January

BANK NIFTY


Bank Nifty spot opened at 18026.35 and made a low of 18016.80, then went up till 18245.75 before closing at 18177.20 . Had  mentioned that long positions can be taken above 18089 and short positions can be taken below 17977 for the day . Bank Nifty triggered our long and completed 2 targets giving around 100+ points .  Had mentioned that 'Now Bank Nifty has initial resistance at 18075 and IF it closes / sustains above 18075 then we may see a test of the next resistance of 18285  and we saw Bank Nifty make a high of 18245.75 but it did not test 18285  . Above 18285 Bank Nifty has its next resistance at 18505 - 18805 levels where it has been taking resistance the entire month of December . On closing above these levels we can expect a bounce till 19020 - 19210 levels  . Till Bank Nifty does not give a consecutive close above 18506 this month we can expect the upmoves to be sold into . For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 18336 we can expect Bank Nifty to face resistance near 18434 - 18504 initially . Closing above 18546 we can expect a move till  18691 - 18849 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 18019 we can expect Bank Nifty to get some support near 17920 - 17850 initially .Closing below 17808 we can expect a move till 17664 - 17505 .

For the month of January we can expect uptrend in Bank Nifty spot on a consecutive closing above 18506 and downtrend to continue on a consecutive closing below 17848 . 

For today if Bank Nifty spot sustains above 18237 we can see a initial move upto 18301 & on sustaining above 18317 we may see further upmove  till 18431. Similarly if Bank Nifty spot sustains below 18117 we may see a initial move on the downside upto 18054 &  on sustaining below 18038 we may see further downmove till 17923

Bank Nifty Spot Levels for the day are

Long above 18237 for 18274 
– 18317 – 18431 , SL 18159

Short below 18117 for 18080 – 18038 – 17923 , SL 18196

This is the last post for the calendar year 2016 and I would like to thank all those who have been reading my posts regularly thereby providing me with the motivation to keep writing.

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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.