Thursday 8 October 2020

Bank Nifty Spot Outlook for 08th Oct

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In the previous session : 





Bank Nifty went down by 246 points then went up by 182 points before closing higher by 111 points on Wednesday as compared to its previous day's  close . 








Bank Nifty had made a life time high of 32613.10 on 30th December and has since then  corrected by 15822 points . 







On 07th Oct :



Bank Nifty triggered our short trade and took our stoploss . Post that it traded sideways between our long and short trigger zone for the rest of the session .

For 08th Oct :


Sustaining above 23155 enter for 23270 - 23405 - 23760 , SL 23025


Sustaining below 22775 enter for 22660 - 22525 - 22170 , SL 22905


As mentioned " Now for this week Bank Nifty has immediate resistance near 22585 - 22795 and above it next resistance near 23380 - 23530 ." , today Bank Nifty made a high of 23036.20 and closed at 22964.80 after closing at 22853.70 in the previous session. We can see a move towards our next targets of 23380 - 23530 next which is also a resistance zone . Bank has immediate support on dips at 22575 - 22525 levels. 

On the downside Bank Nifty has support near 21905 - 21695 and below that next support near 21115 - 20965 .

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .


Bank Nifty had made a low of 16116.25 on 24th March. 


Bank Nifty has made a high of 25232.60 on 31st Aug in the bounce from the fall till 16116.25  while Nifty has made a high of 11794.25 on 31st Aug from the lows of 7511 





How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 











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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. 

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