Bank Nifty Spot Outlook for 08th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 24741.65, made a high of 25080.20, then made a low of 24250.65,  before closing at 24443.45

Had mentioned that long trade for the day will get triggered on sustaining above 24950 and short trade for the day will get triggered on sustaining below 24690 . Bank Nifty triggered our long trade and completed just 1 target and took our TSL . It then triggered our short trade and did 400 points . 

Now in this week Bank Nifty needs to break and sustain / close above 24745 to test 25065 - 25145 initially and above it we can see a test of 25420 - 25720 . Similarly Bank Nifty needs to break and sustain / close below 24140 to test 23825 - 23745 initially and below it we can see a test of 23470 - 23170.

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 gave its first close below the monthly short confirmation level and we need a consecutive close on Monday to expect the initial targets of 23765 - 23585 . So far this month Nifty had confirmed its monthly shorts and has already completed all its short targets.  Incase Bank Nifty sustains above 24460 we can see a small bounce til 24630 - 24745 initially and above it till  25065 - 25145.

Now in the coming session Bank Nifty needs to break and sustain above 24560 to test 24680 - 24710 initially and sustaining above it we can see a further upmove till 24810 - 24925. Similarly breaking and sustaining below 24330 we can see a test of 24210 - 24180 initially and sustaining below it we can see a further correction till 24075 - 23960 .

Bank Nifty Spot Levels for the day are

Long above 24560 for 24630 - 24710 - 24925 , SL 24480

Short below 24330 for 24260 - 24180 - 23960 , SL 24410

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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.