Bank Nifty Spot Outlook for 08th Nov

BANK NIFTY

In the previous session Bank Nifty spot opened at 30722.60, made a high of 30821.35,  made a low of 30462.55 before closing at 30647.75

Had mentioned that long trade will get triggered for the day on sustaining above 30675 and short trade will get triggered for the day on sustaining below 30545. Bank Nifty initially triggered our long trade and gave 100 points. Bank Nifty then reversed to trigger our long trade and completed 80 points. 

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30550 and then enter for a initial target of 30770 - 30830 and look to hold further only on sustaining or getting a close above 30830 for the next targets of 31020 - 31230. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30110 and then enter for a initial target of 29890 - 29830 and look to hold further only on sustaining or getting a close below 29830 for the next targets of 29640 - 29430.

Bank Nifty had confirmed our weekly long trade and today completed our initial targets with a high of 11821.35 giving 300+ points. Those did not book once or entered on the dip should keep a cbsl of 30395 and hold for the next targets only on breaking and sustaining above 30830 .

For this month :

For the month of November , longs will be confirmed in Bank Nifty with a consecutive close above 30495 for a initial target of 30950 - 31065 and sustaining / closing above 31065 we can see a further move till 31455 - 31880 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29640 for a initial target of 29185 - 29070 and sustaining / closing below 29070 we can see a further move till 28680 - 28250.

Bank Nifty has triggered our montly long trade today and those who are long should keep a cbsl of 30195 incase of a correction. Sustaining above 30495 we can see a test of 30950 - 31065 where it has its initial resistance.

As mentioned in the previous posts "  Bank Nifty has given a close above 30495 and we need a consecutive close above it to make a move towards our initial targets of 30950 - 31065. Also we need Nifty to be in sync and close above its monthly confirmation levels." , today Bank Nifty has given a consecutive close and Nifty has also managed to close above its monthly long trigger level. 

On the downside Bank Nifty has immediate support near 29800 - 29635 and its needs to sustain or give a consecutive close below 29635 for a further downmove towards 29185 - 29070. 

Now in the coming session Bank Nifty needs to break and sustain above 30715 to test 30780 - 30795 initially and sustaining above it we can see a further upmove till 30850 - 30920. Similarly breaking and sustaining below 30585 we can see a test of 30515 - 30500 initially and sustaining below it we can see a further correction till 30445 - 30380

Bank Nifty Spot Levels for the day are

Long above 30715 for 30750 - 30795 - 30920 , SL 30665

Short below 30585 for 30545 - 30500 - 30380 , SL 30630

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