Wednesday, 26 October 2016

Bank Nifty Spot Outlook for 27th October


Bank Nifty spot opened at 19581.70 and made a high of 19725.90 ,  then went down till 19434.50 before closing at 19483.60 .  Had mentioned long positions can be taken above 19920 and short positions can be taken below 19749 for the day.  Bank Nifty triggered our short trade and gave nearly 200 points from the short trade. Had mentioned in the previous post 'Now we need to see tomorrow if Nifty plays catch up as it would be difficult for Bank Nifty to continue sustaining above this level if Nifty fails to break above 8755 and Bank Nifty can get dragged down if Nifty breaks below 8649 levels' . 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 we saw Bank Nifty make a high of 19744 and also give a close above 19700 last week . As mentioned in the previous post ' If Bank Nifty manages to give a consecutive close above 19737 levels then we may test higher levels till 19880 - 20020 ' and today Bank Nifty made a high of of 19922.70 and took resistance but also managed to give a close above 19737 levels again . Also had mentioned in the previous post that 'Those who are holding longs should move their cbsl to 19685 spot now. Bank Nifty has been clearly outperforming the Nifty and has given a consecutive close now above 19737 but Nifty is being a laggard as it unable to break above 8755 and if Nifty fails to do so and breaks below 8649 then it can drag Bank Nifty along with it and we may see Bank Nifty test 19315 - 19495 levels ' and today Bank Nifty tested these levels and made a low of 19434.50 and also closed within it . Below 19315 we can see a test of 19185 - 19059 levels again incase Nifty also breaks 8550 now. Also sustaining above 19495 we can see a retest of 19645 - 19730 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 19560 we can see a initial move upto 19641 & on sustaining above 19661 we may see further upmove  till 19807. Similarly if Bank Nifty spot sustains below 19407 we may see a initial move on the downside upto 19326 &  on sustaining below 19306 we may see further downmove till 19160

Bank Nifty Spot Levels for the day are

Long above 19560 for 19607 
– 19661 – 19807 , SL 19460

Short below 19407 for 19360 – 19306 – 19160 , SL 19507

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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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