Bank Nifty Spot Outlook for 03rd Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 29226.15, made a high of 29526.40,  made a low of 28077.35 before closing at 28725.50

Had mentioned that long trade will get triggered for the day on sustaining above 29480 and short trade will get triggered for the day on sustaining below 28725. Bank Nifty initially triggered our long trade and took our stoploss . Bank Nifty then triggered our long trade and completed 2 targets doing 600+ points. 

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30900 and then enter for a initial target of 31985 - 32260 and look to hold further only on sustaining or getting a close above 32260 for the next targets of 33190 - 34220. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 28850 and then enter for a initial target of 27770 - 27495 and look to hold further only on sustaining or getting a close below 27495 for the next targets of 26560 - 25535.

Bank Nifty has triggered our weekly short trade and those who are holding shorts and looking to short on the upmove in the coming session towards 29245 - 29505 should keep a stoploss of 29560 

For the month of October , longs will be confirmed in Bank Nifty with a consecutive close above 32145 for a initial target of 34415 - 34985 and sustaining / closing above 34985 we can see a further move till 36935 - 39080 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 27860 for a initial target of 25590 - 25020 and sustaining / closing below 25020 we can see a further move till 23070 - 20925.

Bank Nifty has immediate resistance at 30510- 30900 zone and it needs to give a strong close above it for a further upmove .

As mentioned in the previous post "On the downside Bank Nifty has immediate support near 29245 - 28850 and it needs to give a strong close below it for a correction" , and Bank Nifty has broken the support and closed below it . Those who are looking to short incase of a upmove in the coming session near 29245 - 29505 should keep a stoploss of 29560 

 

Now in the coming session Bank Nifty needs to break and sustain above 29105 to test 29505 - 29605 initially and sustaining above it we can see a further upmove till 29950 - 30330. Similarly breaking and sustaining below 28345 we can see a test of 27945 - 27845 initially and sustaining below it we can see a further correction till 27500 - 27120

Bank Nifty Spot Levels for the day are

Long above 29105 for 29340 - 29605 - 30330 , SL 28845

Short below 28345 for 28115 - 27845 - 27120 , SL 28610

Telegram Channel will be active from October for live trades under the name of Simply Trade . Those who wish to join can click on this link and open it with telegram https://t.me/joinchat/AAAAAFirR428Znf3BfpfmA 

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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.