Bank Nifty Spot Outlook for 09th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 24470.75, made a low of 24240.05, then made a high of 24745.35,  before closing at 24618.35

Had mentioned that long trade for the day will get triggered on sustaining above 24560 and short trade for the day will get triggered on sustaining below 24330 . Bank Nifty initially triggered our short trade and did 90 points . It then triggered our long trade and did 180 points in a day of swings .

As mentioned " 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." , and Bank Nifty took support well above our weekly shorts and bounced back to touch our weekly long level. In the coming session we can expect it to swing between 24140 - 24745 which is our short and long confirmation levels for the week till it sustains / closes beyond the levels on either one side.

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 Bank Nifty gave its first close below the monthly short confirmation level and we needed a consecutive close today which did not happen to confirm the monthly shorts. Also as mentioned "  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." , and today Bank Nifty sustaining above 24460 made a high of 24745.35 and now further sustaining above it we can see a test of 25065 - 25145 .

Now in the coming session Bank Nifty needs to break and sustain above 24720 to test 24820 - 24850 initially and sustaining above it we can see a further upmove till 24935 - 25035. Similarly breaking and sustaining below 24520 we can see a test of 24415 - 24390 initially and sustaining below it we can see a further correction till 24300 - 24200 .

Bank Nifty Spot Levels for the day are

Long above 24720 for 24780 - 24850 - 25035 , SL 24650

Short below 24520 for 24460 - 24390 - 24200 , SL 24590

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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.