Tuesday, 2 January 2018

Bank Nifty Spot Outlook for 03rd Jan

BANK NIFTY


Bank Nifty spot opened at 25382.20 ,made a high of 25425.50 ,  it made a low of 25232.80,   before closing at 25338.25  .

Had mentioned that long positions can be taken above 25365 for the day and short positions can be taken below 25275 .  Bank Nifty initially triggered our long trade and completed 2 targets before taking our TSL . It then triggered our short trade and nearly completed 2 targets before taking our TSL  . Bank Nifty had also confirmed our weekly short trade in the previous session and had 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 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 . " , and Bank Nifty made a high of 25425.50 just above our initial resistance zone and a low of 25232.80 just above our initial support zone . Bank Nifty continues to trade in a narrow range and we should see a range expansion in the coming sessions. 


Now in the coming session Bank Nifty breaking and sustaining below 25300 can test 25260 - 25245 and on sustaining below it we can see a further correction till 25215 - 25175 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25380 we can see a test of 25420 - 25430 initially and breaking and sustaining above it we can see a further move till 25465 - 25500 next . 


Bank Nifty Spot Levels for the day are

Long above 25380 for 25400 
– 25430 – 25500 , SL 25325

Short below 25300 for 25275 – 25245 – 25175 , SL 25350

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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.