Friday, 12 October 2018

Bank Nifty Spot Outlook for 12th Oct

BANK NIFTY


In the previous session Bank Nifty spot opened at 24541.75, made a low of 24493.70, then made a high of 24940.10,  before closing at 24783.95

Had mentioned that long trade for the day will get triggered on sustaining above 25455 and short trade for the day will get triggered on sustaining below 25190 . Bank Nifty opened with a big gap down and did not give a chance to enter the short trade. 

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 had confirmed our weekly long trade and also completed our initial target in the previous session , and today took the stoploss too . 


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 including today . On the next attempt we might see a break below 24460 . Also as mentioned "  So far this month Nifty had confirmed its monthly shorts and has already completed all its short targets and Bank has yet to confirm its monthly shorts and has been showing outperformance so far. 

Now in the coming session Bank Nifty needs to break and sustain above 24930 to test 25080 - 25120 initially and sustaining above it we can see a further upmove till 25255 - 25395. Similarly breaking and sustaining below 24640 we can see a test of 24485 - 24445 initially and sustaining below it we can see a further correction till 24315 - 24170.


Bank Nifty Spot Levels for the day are

Long above 24930 for 25020 - 25120 - 25395 , SL 24830

Short below 24640 for 24550 - 24445 - 24170 , SL 24740

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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.