Bank Nifty Spot Outlook for 18th Jan

BANK NIFTY

Bank Nifty spot opened at 25946.15 ,made a low of 25922.30 ,  it made a high of 26335.85   before closing at 26289.10  .

Had mentioned that long positions can be taken above 26020 for the day and short positions can be taken below 25930 .  Bank Nifty triggered our short trade and took our stoploss without completing any target. Bank Nifty then triggered our long trade and completed all our long targets for the day and bettered it by another 150 points . Bank Nifty had triggered our weekly long trade and completed all our weekly long targets in the previous sessions .

Had mentioned in the previous post that " Bank Nifty now needs to hold above 26050 for a test of 26245 - 26465 " , and today we saw Bank Nifty make a high of 26335.85 on sustaining above 26050 . Bank Nifty now has its immediate resistance near 26370 - 26420 zone and sustaining / closing above it is required to test 26550 - 26750 levels . Those who are intending to go short on further upmove till 26550 - 26750 should keep a strict cbsl 26950 . 

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25930 can test 25880 - 25870 and on sustaining below it we can see a further correction till 25830 - 25780 next. Similarly in the coming session Bank Nifty breaking and sustaining above 26020 we can see a test of 26070 - 26080 initially and breaking and sustaining above it we can see a further move till 26125 - 26170 next . " , and Bank Nifty made a high of 26335.85 well above our next resistance zone and also closed well above it .

Now in the coming session Bank Nifty breaking and sustaining below 26235 can test 26175 - 26165 and on sustaining below it we can see a further correction till 26115 - 26060 next. Similarly in the coming session Bank Nifty breaking and sustaining above 26345 we can see a test of 26400 - 26415 initially and breaking and sustaining above it we can see a further move till 26465 - 26520 next . 

Bank Nifty Spot Levels for the day are

Long above 26345 for 26375 – 26415 – 26520 , SL 26305

Short below 26235 for 26200 – 26165 – 26060 , SL 26275

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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.