Bank Nifty Spot Outlook for 17th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 28689.45, made a high of 28759.35,  made a low of 28305.40 before closing at 28538.80

Had mentioned that long trade will get triggered for the day on sustaining above 28755 and short trade will get triggered for the day on sustaining below 28355. Bank Nifty triggered our long trade but could not sustain and took our stoploss .

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28570 and then enter for a initial target of 29130 - 29270 and look to hold further only on sustaining or getting a close above 29270 for the next targets of 29750 - 30280. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27515 and then enter for a initial target of 26960 - 26815 and look to hold further only on sustaining or getting a close below 26815 for the next targets of 26335 - 25810.

Bank Nifty has today closed a second time marginally below our weekly long confirmation level and those who are looking to enter longs should keep a cbsl of 28205 and look for a exit near our initial targets of 29130 - 29270. 

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.

As mentioned in the previous post "Bank Nifty has immediate resistance at 28370- 28570 zone and it needs to give a strong close above it for a upmove this week .", and today we saw Bank Nifty make a high of 28759.35 and close marginally below 28570 . Sustaining above 28570 in the coming session can see a good upmove.

On the downside Bank Nifty has immediate support near 27715 - 27515 and it needs to give a strong close below it this week for a correction.

Now in the coming session Bank Nifty needs to break and sustain above 28735 to test 28945 - 29000 initially and sustaining above it we can see a further upmove till 29175 - 29375. Similarly breaking and sustaining below 28340 we can see a test of 28135 - 28080 initially and sustaining below it we can see a further correction till 27900 - 27705

Bank Nifty Spot Levels for the day are

Long above 28735 for 28860 - 29000 - 29375 , SL 28600

Short below 28340 for 28220 - 28080 - 27705 , SL 28480

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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.