Weekly Spot Outlook of Bank Nifty for 14th to 18th Oct

BANK NIFTY

This past week Bank Nifty spot went down by 164 points , then went up by 1125 points before finally ending the week with a gain of 310 points compared to last weekly closing.

Bank Nifty made a low of 27568.35 and made a high of 28857.70 in the previous week. 

Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 28390 to enter for a test of 29085 - 29260 initially and above it further till 29860 - 30520 and to confirm a short trade Bank Nifty needs to sustain/close below 27075 to test 26380 - 26200 initially and below it further till 25600 - 24950 , and Bank Nifty confirmed our weekly long trade and gave 600+ 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. 

&

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.

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 had confirmed our monthly shorts last week . Shorts should not be held on a close above 28570 this week. 

Bank Nifty has immediate resistance at 28370- 28570 zone and it needs to give a strong close above it for a upmove this week .

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.

Bank Nifty Spot Levels for the week are

Long above 28370 , Tgt 28570 - 28735 - 28895

IF Bank Nifty spot manages to get a close / sustain above 29130 then 

long again for 29270 - 29750 - 30280

Short below 27715 , Tgt 27515 - 27350 - 27190

IF Bank Nifty spot manages to get a close / sustain below 26960 then 

short again for 26815 - 26335 - 25810

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

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and continue trailing it further .

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