Bank Nifty Spot Outlook for 04th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 25290.55, made a high of 25470.05, then made a low of 25026.35,  before closing at 25069.90

Had mentioned that long trade for the day will get triggered on sustaining above 25500 and short trade for the day will get triggered on sustaining below 25235 . Bank Nifty triggered our short trade and did 200 points . 

As mentioned " Now in this week Bank Nifty needs to break and sustain / close above 25440 to test 25775 - 25860 initially and above it we can see a test of 26150 - 26470 . Similarly Bank Nifty needs to break and sustain / close below 24800 to test 24465 - 24375 initially and below it we can see a test of 24090 - 23770. " , and Bank Nifty tested 25440 today and saw a good sell off on being unable to sustain above it . Currently Bank Nifty is trading near our long and short range  and we need a close beyond the range of 24800 - 25440 for a stronger move on either side.

For the month of October ,Bank Nifty longs will get confirmed with a consecutive close above 25780 for a initial target of 26480 - 26655 and sustaining / closing above it we can see a further test of 27255 - 27915 . Similarly , shorts will get confirmed with a consecutive close below  24460 for a initial target of 23765 - 23585 and sustaining / closing below it we can see a further move till 22985 - 22325 . 

Now in the coming session Bank Nifty needs to break and sustain above 25200 to test 25335 - 25370 initially and sustaining above it we can see a further upmove till 25490 - 25620. Similarly breaking and sustaining below 24940 we can see a test of 24805 - 24770 initially and sustaining below it we can see a further correction till 24650 - 24520.

Bank Nifty Spot Levels for the day are

Long above 25200 for 25280 - 25370 - 25620 , SL 25110

Short below 24940 for 24860 - 24770 - 24520 , SL 25030

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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.