Tuesday, 9 October 2018

Bank Nifty Spot Outlook for 10th Oct

BANK NIFTY


In the previous session Bank Nifty spot opened at 24703.65, made a high of 24759.90, then made a low of 24464.90,  before closing at 24527.65

Had mentioned that long trade for the day will get triggered on sustaining above 24720 and short trade for the day will get triggered on sustaining below 24520 . Bank Nifty initially triggered our long trade but could not sustain . It then triggered our short trade but again could not complete any target . Expect a stronger move in the coming sessions.

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 could not sustain above our weekly long levels today and immediately reversed.  In the coming session we can expect the range of 24140 - 24745 which is our short and long confirmation levels for the week to be broken and sustained on either 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 again Bank Nifty made a high og 24759.90 and held 24460 on the downside . We can expect a break of 24460 soon if Bank Nifty is unable to sustain / close above 24745 in the coming sessions. 

Now in the coming session Bank Nifty needs to break and sustain above 24610 to test 24700 - 24720 initially and sustaining above it we can see a further upmove till 24795 - 24880. Similarly breaking and sustaining below 24445 we can see a test of 24355 - 24335 initially and sustaining below it we can see a further correction till 24260 - 24175..


Bank Nifty Spot Levels for the day are

Long above 24610 for 24660 - 24720 - 24880 , SL 24550

Short below 24445 for 24395 - 24335 - 24175 , SL 24505

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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.