Bank Nifty Spot Outlook for 19th Jan

BANK NIFTY

Bank Nifty spot opened at 26762.25 ,made a new lifetime high of 26887.65 ,  it made a low of 26423.75   before closing at 26537.40 .

Had mentioned that long positions can be taken above 26345 for the day and short positions can be taken below 26235 .  Bank Nifty opened above our last long target for the day and give chance to take a long trade . 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 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 ." and today Bank Nifty made a high of 26887.65 and corrected till 26423.75 giving a good short trade with the mentioned stoploss. 

Had mentioned in the previous post " 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 . " , and Bank Nifty made a high of 26887.65 well above our next resistance zone and also closed just above it .

Now in the coming session Bank Nifty breaking and sustaining below 26480 can test 26420 - 26405 and on sustaining below it we can see a further correction till 26350 - 26295 next. Similarly in the coming session Bank Nifty breaking and sustaining above 26595 we can see a test of 26655 - 26670 initially and breaking and sustaining above it we can see a further move till 26725 - 26780 next . 

Bank Nifty Spot Levels for the day are

Long above 26595 for 26630 – 26670 – 26780 , SL 26520

Short below 26480 for 26445 – 26405 – 26295 , SL 26555

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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.