Thursday, 4 October 2018

Bank Nifty Spot Outlook for 05th Oct

BANK NIFTY


In the previous session Bank Nifty spot opened at 24735.15, made a low of 24501.05, then made a high of 24893.40,  before closing at 24819.30

Had mentioned that long trade for the day will get triggered on sustaining above 25200 and short trade for the day will get triggered on sustaining below 24940 . Bank Nifty triggered our short trade and did 225 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 today nearly tested our initial short targets during the day on sustaining below 24800 but pulled back towards the end to close marginally above it . Now sustaining 24800 in the coming session can test 24465 - 24375 initially and holding the same we can see a move back till 24950 - 25100 initially .

Also as mentioned " 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 . " , and today Bank Nifty came close to confirming our monthly short confirmation level of 24460 with a low of 24501.05 but bounced back . In the coming sessions Bank Nifty needs to break and sustain below 24460 for confirming our monthly short trade which Nifty has already done and also completed our initial targets . Incase Bank Nifty holds on to 24460 we can see a small bounce till 25120 - 25320 on sustaining above 25060 .

Now in the coming session Bank Nifty needs to break and sustain above 24950 to test 25085 - 25120 initially and sustaining above it we can see a further upmove till 25235 - 25365. Similarly breaking and sustaining below 24690 we can see a test of 24555 - 24520 initially and sustaining below it we can see a further correction till 24400 - 24275 .


Bank Nifty Spot Levels for the day are

Long above 24950 for 25030 - 25120 - 25365 , SL 24860

Short below 24690 for 24610 - 24520 - 24275 , SL 24780

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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.