Bank Nifty Spot Outlook for 16th Jan

BANK NIFTY

Bank Nifty spot opened at 25858.15 ,made a low of 25842.95 ,  it made a high of 26091.80   before closing at 26069.20  .

Had mentioned that long positions can be taken above 25775 for the day and short positions can be taken below 25720 .  Bank Nifty triggered our long trade and opened nearly our last long target for the day . Bank Nifty also triggered our weekly long trade and completed all our weekly long targets too . Bank Nifty today finally sustained above 25760 and closed above 26000 for the first time after making a new life time high . Bank Nifty now needs to hold above 26050 for a test of 26245 - 26465 . Its has its immediate resistance near 26320 - 26420 zone

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25720 can test 25695 - 25685 and on sustaining below it we can see a further correction till 25665 - 25635 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25775 we can see a test of 25805 - 25810 initially and breaking and sustaining above it we can see a further move till 25835 - 25865 next . " , and Bank Nifty made a high of 26091.80 after sustaining above next resistance zone and confirming our weekly longs too . 

Now in the coming session Bank Nifty breaking and sustaining below 26025 can test 25985 - 25970 and on sustaining below it we can see a further correction till 25935 - 25890 next. Similarly in the coming session Bank Nifty breaking and sustaining above 26110 we can see a test of 26155 - 26170 initially and breaking and sustaining above it we can see a further move till 26205 - 26250 next . 

Bank Nifty Spot Levels for the day are

Long above 26110 for 26135 – 26170 – 26250 , SL 26055

Short below 26025 for 26000 – 25970 – 25890 , SL 26085

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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.