Thursday, 3 November 2016

Bank Nifty Spot Outlook for 04th November


Bank Nifty spot opened at 19201.95 and made a high of 19319.65 , went down till 19119.30 before closing at 19178.70 .  Had mentioned long positions can be taken above 19281 and short positions can be taken below 19175 for the day.  Bank Nifty initially triggered our long trade and completed 1 target and took our TSL . Bank Nifty then triggered our short trade and completed 1 target and again took our TSL . Bank Nifty also completed our initial 3 short targets as per our weekly levels  and now further correction will get confirmed on breaking below 19084 . If Bank Nifty sustains above 19495 then we can see a retest of 19645 - 19730 levels where we have the next resistance . Sustaining below 19315 Bank Nifty can test 19185 - 19010 levels initially and below that till 18845 - 18780 levels again . 

For the month of November we can expect uptrend in Bank Nifty spot on a consecutive closing above 19840 and downtrend to continue on a consecutive closing below 19207 . 

For today if Bank Nifty spot sustains above 19229 we can see a initial move upto 19283 & on sustaining above 19297 we may see further upmove  till 19394. Similarly if Bank Nifty spot sustains below 19128 we may see a initial move on the downside upto 19074 &  on sustaining below 19061 we may see further downmove till 18964

Bank Nifty Spot Levels for the day are

Long above 19229 for 19261 
– 19297 – 19394 , SL 19163

Short below 19128 for 19097 – 19061 – 18964 , SL 19194

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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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