Bank Nifty Spot Outlook for 01st Nov

BANK NIFTY

In the previous session Bank Nifty spot opened at 30168.65, made a high of 30415.65,  made a low of 29987.15 before closing at 30066.25

Had mentioned that long trade will get triggered for the day on sustaining above 30075 and short trade will get triggered for the day on sustaining below 29900. Bank Nifty triggered our long trade and all targets giving 300+ points. 

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29630 and then enter for a initial target of 29875 - 29940 and look to hold further only on sustaining or getting a close above 29940 for the next targets of 30155 - 30390. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29160 and then enter for a initial target of 28915 - 28850 and look to hold further only on sustaining or getting a close below 28850 for the next targets of 28640 - 28405.

Bank Nifty had triggered our weekly long trade and today completed all our weekly long targets with a high of 30415.65 .  

For this month :

For the month of November , longs will be confirmed in Bank Nifty with a consecutive close above 30495 for a initial target of 30950 - 31065 and sustaining / closing above 31065 we can see a further move till 31455 - 31880 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29640 for a initial target of 29185 - 29070 and sustaining / closing below 29070 we can see a further move till 28680 - 28250.

As mentioned in the previous post "Bank Nifty has immediate resistance at 30060 - 30080 zone and it needs to sustain or close  above 30080 for a further upmove towrards 30155 - 30390." , and today we saw Bank Nifty make a high of 30415.65

Now Bank Nifty has immediate resistance at 30330 - 30495 and it needs to sustain or give a consecutive close above 30495 for a further upmove towards 30950 - 31065. 

On the downside Bank Nifty has immediate support near 29800 - 29635 and its needs to sustain or give a consecutive close below 29635 for a further downmove towards 29185 - 29070. 

Now in the coming session Bank Nifty needs to break and sustain above 30145 to test 30230 - 30250 initially and sustaining above it we can see a further upmove till 30320 - 30400. Similarly breaking and sustaining below 29985 we can see a test of 29905 - 29885 initially and sustaining below it we can see a further correction till 29815 - 29735

Bank Nifty Spot Levels for the day are

Long above 30145 for 30195 - 30250 - 30400 , SL 30090

Short below 29985 for 29940 - 29885 - 29735 , SL 30045

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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.