Wednesday, 3 January 2018

Bank Nifty Spot Outlook for 04th Jan

BANK NIFTY


Bank Nifty spot opened at 25425.75 ,made a high of 25454.90 ,  it made a low of 25300.90,   before closing at 25318.60  .

Had mentioned that long positions can be taken above 25380 for the day and short positions can be taken below 25300 .  Bank Nifty triggered our long trade and completed 2 targets before taking our TSL . Bank Nifty had confirmed our weekly short trade in the previous sessions 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 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 . " , and Bank Nifty made a high of 25454.90 just belwo our next resistance zone . Bank Nifty continues to trade in a narrow range and we should see the range  broken and sustained in the coming sessions for a bigger move .  


Now in the coming session Bank Nifty breaking and sustaining below 25280 can test 25240 - 25230 and on sustaining below it we can see a further correction till 25200 - 25160 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25355 we can see a test of 25395 - 25405 initially and breaking and sustaining above it we can see a further move till 25440 - 25480 next .


Bank Nifty Spot Levels for the day are

Long above 25355 for 25380 
– 25405 – 25480 , SL 25305

Short below 25280 for 25255 – 25230 – 25160 , SL 25330

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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.