Bank Nifty Spot Outlook for 18th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 28596.35, made a low of 28487.95,  made a high of 29049.05 before closing at 28989.45

Had mentioned that long trade will get triggered for the day on sustaining above 28735 and short trade will get triggered for the day on sustaining below 28340. Bank Nifty triggered our long trade and completed 300 points.

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 confirmed our weekly long trade and completed 450 points nearly testing our initial targets. Now in the coming sessions Bank Nifty has to break and sustain above 29130 - 29270 for a further move towards our next targets . Those who are looking to enter fresh longs on a correction should keep a cbsl of 28515 .

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 now needs to hold above 28570 in the coming session for the move till 29130 - 29270.

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 29195 to test 29410 - 29460 initially and sustaining above it we can see a further upmove till 29645 - 29850. Similarly breaking and sustaining below 28785 we can see a test of 28570 - 28515 initially and sustaining below it we can see a further correction till 28335 - 28130

Bank Nifty Spot Levels for the day are

Long above 29195 for 29320 - 29460 - 29850 , SL 29050

Short below 28785 for 28660 - 28515 - 28130 , SL 28930

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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.