Bank Nifty Spot Outlook for 29th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 29605.40, made a high of 29644.45,  made a low of 29446.80 before closing at 29483.55

For the coming 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. 

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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.

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 29540 - 29630 zone and it needs to give a strong close above it for a upmove this week towards 29875 - 29940 where it has its next resistance.

On the downside Bank Nifty has immediate support near 29250 - 29160 and it needs to give a strong close below it for a correction this week towards 28915 - 28850 where it has its next support .

Now in the coming session Bank Nifty needs to break and sustain above 29575 to test 29665 - 29690 initially and sustaining above it we can see a further upmove till 29775 - 29860. Similarly breaking and sustaining below 29395 we can see a test of 29300 - 29275 initially and sustaining below it we can see a further correction till 29195 - 29105

Bank Nifty Spot Levels for the day are

Long above 29575 for 29630 - 29690 - 29860 , SL 29510

Short below 29395 for 29340 - 29275 - 29105 , SL 29455

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/simplytradestocks

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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.