Wednesday, 10 October 2018

Bank Nifty Spot Outlook for 11th Oct

BANK NIFTY


In the previous session Bank Nifty spot opened at 24596.60, made a low of 24559.90, then made a high of 25371.15,  before closing at 25321.70

Had mentioned that long trade for the day will get triggered on sustaining above 24610 and short trade for the day will get triggered on sustaining below 24445 . Bank Nifty triggered our long trade and did 750 points as expected giving a stronger move as mentioned in the previous post as it also confirmed our weekly longs .

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 today confirmed our weekly long trade and also completed our initial target. Now in the coming sessions if Bank Nifty does not break and sustain above 25420 then it can retest 25065 and below. Those who are holding longs should keep a trailing stoploss of 25145 now.


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 bounced back strongly as it was unable to give a consecutive close below 24460 to confirm the 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 made a high of 25371.15 holding 24460 on the downside . On a further upmove Bank Nifty will face stiff resistance near 25780. 

Now in the coming session Bank Nifty needs to break and sustain above 25455 to test 25590 - 25625 initially and sustaining above it we can see a further upmove till 25745 - 25875. Similarly breaking and sustaining below 25190 we can see a test of 25055 - 25015 initially and sustaining below it we can see a further correction till 24900 - 24770.


Bank Nifty Spot Levels for the day are

Long above 25455 for 25535 - 25625 - 25875 , SL 25360

Short below 25190 for 25110 - 25015 - 24770 , SL 25280

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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.