Tuesday, 28 November 2017

Bank Nifty Spot Outlook for 29th Nov

BANK NIFTY


Bank Nifty spot opened at 25830.45 ,made a high of 25953.50 ,  it made a low of 25795.50 ,   before closing at 25846.40   . 

Had mentioned that long positions can be taken above 25935 for the day and short positions can be taken below 25850.  Bank Nifty initially triggered our long trade but did not complete any targets . It then triggered our short trade for the day and missed our 2nd short target by 5 points .  Had mentioned in the weekly post for Bank Nifty that those who are holding longs should move up their trailing cbsl to 25655 which has held today so far this week . For the upmove to continue we need Bank Nifty to sustain / close above 25915 .


Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25850 can test 25805 - 25790 and on sustaining below it we can see a further test of 25755 - 25710 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25935 we can see a test of 25980 - 25990 initially and breaking and sustaining above it we can see a further move till 26030 - 26075 next . " , and today Bank Nifty made a low of 25795.50 within our initial support zone for the day . 


Now in the coming session Bank Nifty breaking and sustaining below 25805 can test 25760 - 25750 and on sustaining below it we can see a further correction till 25710 - 25670 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25890 we can see a test of 25935 - 25945 initially and breaking and sustaining above it we can see a further move till 25985 - 26025 next . 


Bank Nifty Spot Levels for the day are

Long above 25890 for 25915 
– 25945 – 26025 , SL 25835

Short below 25805 for 25780 – 25750 – 25670 , SL 25860

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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.