Bank Nifty Spot Outlook for 08th Nov

BANK NIFTY

Bank Nifty spot opened at 25669.10 ,made a high of 25695.75 ,  it made a low of 25248.95,   before closing at 25300.80. 

Had mentioned that long positions can be taken above 25690 for the day and short positions can be taken below 25455 .  Bank Nifty triggered our long trade and reversed immediately . Bank Nifty then triggered our short trade and completed 2 targets for the day. Bank Nifty also triggered our weekly short trade and completed 2 weekly short targets . 

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25455  can test 25330 - 25300 and on sustaining below it we can see a further test of 25190 - 25075 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25690 we can see a test of 25815 - 25845 initially and breaking and sustaining above it we can see a further move till 25950 - 26070 next . " , and today Bank Nifty made a high of 25695.75 but could not sustain above 25690 and immediately reversed to make a low of 24248.95 and closed at 25300.80 . 

Now in the coming session Bank Nifty breaking and sustaining below 25220 can test 25135 - 25110 and on sustaining below it we can see a further correction till 25040 - 24960 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25380 we can see a test of 25465 - 25490 initially and breaking and sustaining above it we can see a further move till 25560 - 25645 next . As per weekly levels Bank Nifty needs to sustain below 25260 to correct further .

Bank Nifty Spot Levels for the day are

Long above 25380 for 25430 – 25490 – 25645 , SL 25275

Short below 25220  for 25170 – 25110 – 24960 , SL 25325

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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.