Thursday, 4 January 2018

Bank Nifty Spot Outlook for 05th Jan

BANK NIFTY


Bank Nifty spot opened at 25367.65 ,made a low of 25310.30 ,  it made a high of 25490.35,   before closing at 25462.60  .

Had mentioned that long positions can be taken above 25355 for the day and short positions can be taken below 25280 .  Bank Nifty triggered our long trade and completed all 3 targets giving around 125 points . 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 earlier . 

Had mentioned in the previous post " 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 . " , and Bank Nifty made a high of 25490.35 today . 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 25420 can test 25375 - 25365 and on sustaining below it we can see a further correction till 25325 - 25280 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25505 we can see a test of 25550 - 25565 initially and breaking and sustaining above it we can see a further move till 25600 - 25645 next .


Bank Nifty Spot Levels for the day are

Long above 25505 for 25535 
– 25565 – 25645 , SL 25449

Short below 25420 for 25395 – 25365 – 25280 , SL 25476

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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.