Sunday, 23 October 2016

Bank Nifty Spot Outlook for 24th October


Bank Nifty spot opened at 19636.40 and made a low of 19516.40 ,  then went up till 19744 before closing at 19710.90 .  Had mentioned long positions can be taken above 19746 and short positions can be taken below 19571 for the day.  Bank Nifty triggered our short trade and completed 1 target giving us 50 points from the short trade. Had been mentioning since some days that 'Incase we break the lows of 19059 of September and sustain then we have the next support now near 18975 - 18845 level '  and Bank Nifty made a low of 18824.40 and tested this level . If Bank Nifty breaks below 18975 - 18845 levels and sustains then we have a small support near 18715 - 18570 levels  . Had also mentioned that 'IF Bank Nifty holds 18445 - 18975 levels then we may see a retest of 19315 - 19495 levels initially and on sustaining above it further till 19645 - 19730 resistance levels' and had also mentioned in the previous post  'Now on closing or sustaining above 19495 Bank Nifty should test the next resistance levels of 19645 - 19730' and we saw Bank Nifty make a high of 19744 and also give a close above 19700 .  If Bank Nifty manages to give a consecutive close above 19737 levels then we may test higher levels till 19880 - 20020 . Those who are holding longs should move their TSL to 19495 spot  . IF Bank Nifty is unable to break and sustain or close above 19737 then we may see a correction again till 19315 - 19495 levels. 

For the month of October we can expect uptrend in Bank Nifty spot on a  consecutive closing above 19737 and downtrend to continue on a consecutive closing below 18835 . 

For today if Bank Nifty spot sustains above 19796 we can see a initial move upto 19886 & on sustaining above 19909 we may see further upmove  till 20072. Similarly if Bank Nifty spot sustains below 19626 we may see a initial move on the downside upto 19536 &  on sustaining below 19513 we may see further downmove till 19350

Bank Nifty Spot Levels for the day are

Long above 19796 for 19849 
– 19909 – 20072 , SL 19685

Short below 19626 for 19573 – 19513 – 19350 , SL 19737

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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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