Bank Nifty Spot Outlook for 29th Jan

BANK NIFTY

Bank Nifty spot opened at 27414.10 , it made a low of 27151.75 ,  it made a new lifetime high of 27522.85  before closing at 27445.65 .

Had mentioned that long positions can be taken above 27460 for the day and short positions can be taken below 27335 .  Bank Nifty initially triggered our short trade and completed nearly completed all 3 short targets before taking our TSL . Bank Nifty then triggered our long trade and completed just 1 target . 

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 27460 can test 27525 - 27545 and on sustaining above it we can see a further upmove till 27600 - 27660 next. Similarly in the coming session Bank Nifty breaking and sustaining below 27335 we can see a test of 27270 - 27255 initially and breaking and sustaining below it we can see a further correction till 27200 - 27135 next . " , and Bank Nifty made a low of 27151.75 within our next support zone and bounced back sharply to nearly touch our initial resistance zone . 

Now in the coming session Bank Nifty breaking and sustaining above 27510 can test 27575 - 27595 and on sustaining above it we can see a further upmove till 27650 - 27715 next. Similarly in the coming session Bank Nifty breaking and sustaining below 27380 we can see a test of 27315 - 27295 initially and breaking and sustaining below it we can see a further correction till 27240 - 27175 next . 

Bank Nifty Spot Levels for the day are

Long above 27510 for 27550 – 27595 – 27715 , SL 27425

Short below 27380 for 27345 – 27295 – 27175 , SL 27465

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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.