Monday, 1 January 2018

Bank Nifty Spot Outlook for 02nd Jan

BANK NIFTY


Bank Nifty spot opened at 25565.75 ,made a high of 25588 ,  it made a low of 25271.55,   before closing at 25318.10  .

Had mentioned that long positions can be taken above 25580 for the day and short positions can be taken below 25500 .  Bank Nifty initially triggered our long trade but did not sustain and took our stoploss . It then triggered our short trade and completed all our short targets for the day . Bank Nifty also confirmed our weekly short trade today and completed 4 weekly short targets giving us 200+ points . Had mentioned in the previous post " This week Bank Nifty needs to break and sustain above 25645 for a test of its immediate resistance levels of 25760 - 25785 initially " .  Those who have entered shorts should now move their trailing cbsl to 25515 from 25595 mentioned in the previous post . 

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25500 can test 25455 - 25445 and on sustaining below it we can see a further correction till 25410 - 25370 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25580 we can see a test of 25625 - 25635 initially and breaking and sustaining above it we can see a further move till 25670 - 25710 next . " , and Bank Nifty made a low of 25271.55 below our next support zone for the day and also closed below it . 


Now in the coming session Bank Nifty breaking and sustaining below 25275 can test 25230 - 25220 and on sustaining below it we can see a further correction till 25180 - 25135 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25365 we can see a test of 25410 - 25420 initially and breaking and sustaining above it we can see a further move till 25460 - 25500 next . 


Bank Nifty Spot Levels for the day are

Long above 25365 for 25390 
– 25420 – 25500 , SL 25305

Short below 25275 for 25250 – 25220 – 25135 , SL 25335

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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.