Tuesday, 2 October 2018

Bank Nifty Spot Outlook for 03rd Oct

BANK NIFTY


In the previous session Bank Nifty spot opened at 24943.90, made a low of 24707.65, then made a high of 25412.15,  before closing at 25367

Had mentioned that long trade for the day will get triggered on sustaining above 25240 and short trade for the day will get triggered on sustaining below 25000 . Bank Nifty initially triggered our short trade and did 225 points . It the reversed and triggered our long trade and did 160 points .

As mentioned " Now in this week Bank Nifty needs to break and sustain / close above 25440 to test 25775 - 25860 initially and above it we can see a test of 26150 - 26470 . Similarly Bank Nifty needs to break and sustain / close below 24800 to test 24465 - 24375 initially and below it we can see a test of 24090 - 23770. " , and Bank Nifty in the coming session now needs to sustain above 25440 to make move towards our initial targets of 25775 - 25860 , and failing to do so we can see correction again till 24800 levels.

For the month of October ,Bank Nifty longs will get confirmed with a consecutive close above 25780 for a initial target of 26480 - 26655 and sustaining / closing above it we can see a further test of 27255 - 27915 . Similarly , shorts will get confirmed with a consecutive close below  24460 for a initial target of 23765 - 23585 and sustaining / closing below it we can see a further move till 22985 - 22325 . 

Now in the coming session Bank Nifty needs to break and sustain above 25500 to test 25640 - 25675 initially and sustaining above it we can see a further upmove till 25795 - 25930. Similarly breaking and sustaining below 25235 we can see a test of 25095 - 25060 initially and sustaining below it we can see a further correction till 24940 - 24805 .


Bank Nifty Spot Levels for the day are

Long above 25500 for 25580 - 25675 - 25930 , SL 25405

Short below 25235 for 25150 - 25060 - 24805 , 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.