Bank Nifty Spot Outlook for 19th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 25839.15, made a high of 25915.35,  made a high of 25101.95,  before closing at 25188.60 .

Had mentioned that long trade for the day will get triggered on sustaining above 25755 and short trade for the day will get triggered on sustaining below 25425 . Bank Nifty initially triggered our long trade with a gap up and did not give a chance to enter. Bank Nifty then triggered our short trade and 325 points . 

As mentioned earlier " Now in this week Bank Nifty needs to break and sustain / close above 25840 to test 26310 - 26430 initially and above it we can see a test of 26830 - 27275 . Similarly Bank Nifty needs to break and sustain / close below 24950 to test 24485 - 24365 initially and below it we can see a test of 23960 - 23520." , and Bank Nifty triggered our long trade but could not sustain and got sold off . Now in the coming session holding 24950 we can again see a pullback begin and breaking below 24950 we can make a move towards 24485 - 24365.

Also as mentioned " 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 . " , and Bank Nifty bounced back strongly as it was unable to give a consecutive close below 24460 to confirm the shorts .  Also as mentioned "  So far this month Nifty had confirmed its monthly shorts and has already completed all its short targets and Bank has yet to confirm its monthly shorts and has been showing outperformance so far. Incase Bank Nifty fails to give a consecutive close above 25780 we can see a it go back to 25100 - 25000  again.", and Bank Nifty failed to sustain above 25780 and sold off to make a low of 25101.95. Now in the coming sessions holding 24950 can again see a pullback and breaking / sustaining below  it we can see a move towards 24485 - 24365 . 

Now in the coming session Bank Nifty needs to break and sustain above 25355 to test 25530 - 25575 initially and sustaining above it we can see a further upmove till 25725 - 25890. Similarly breaking and sustaining below 25025 we can see a test of 24850 - 24805 initially and sustaining below it we can see a further correction till 24655 - 24490.

Bank Nifty Spot Levels for the day are

Long above 25355 for 25455 - 25575 - 25890 , SL 25240

Short below 25025 for 24920 - 24805 - 24490 , SL 25140

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.