Sunday, 6 November 2016

Bank Nifty Spot Outlook for 07th November


Bank Nifty spot opened at 19223.85 and made a high of 19223.90 , went down till 18961.15 before closing at 19058.10 .  Had mentioned long positions can be taken above 19229 and short positions can be taken below 19128 for the day.  Bank Nifty triggered our short and completed all our targets for the day giving us 150 points from the short trade. Below 19010 levels Bank Nifty has good support near 18805 - 18505 levels incase of further correction . Deeper correction can be expected only if we get a close below 18505 . Holding the same we can see a retest of 19315 - 19495 levels initially above 19207 where the downtrend for this month got confirmed. If Bank Nifty sustains above 19495  then we can see a move till 19645 - 19730 levels .

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 19105 we can see a initial move upto 19154 & on sustaining above 19166 we may see further upmove  till 19255. Similarly if Bank Nifty spot sustains below 19012 we may see a initial move on the downside upto 18963 &  on sustaining below 18950 we may see further downmove till 18862

Bank Nifty Spot Levels for the day are

Long above 19105 for 19133 
– 19166 – 19255 , SL 19044

Short below 19012 for 18983 – 18950 – 18862 , SL 19072

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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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