Bank Nifty Spot Outlook for 15th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 25001.95, made a low of 24975.45, then made a high of 25484.20,  before closing at 25395.85

Had mentioned that long trade for the day will get triggered on sustaining above 24930 and short trade for the day will get triggered on sustaining below 24640 . Bank Nifty confirmed our long trade and did 500 points . 

Now in this week Bank Nifty needs to break and sustain / close above 25840 to test 26310 - 26430 initially and above it we can see a test of 26830 - 27275 . Similarly Bank Nifty needs to break and sustain / close below 24950 to test 24485 - 24365 initially and below it we can see a test of 23960 - 23520.

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 and Bank has yet to confirm its monthly shorts and has been showing outperformance so far. " , and now this week we need to see if Bank Nifty can show more strength and give a consecutive close above 25780 which will confirm the monthly longs. Incase Bank Nifty fails to give a consecutive close above 25780 we can see a retest of the monthly lows again.

Now in the coming session Bank Nifty needs to break and sustain above 25565 to test 25740 - 25785 initially and sustaining above it we can see a further upmove till 25940 - 26105. Similarly breaking and sustaining below 25225 we can see a test of 25050 - 25005 initially and sustaining below it we can see a further correction till 24855 - 24685.

Bank Nifty Spot Levels for the day are

Long above 25565 for 25665 - 25785 - 26105 , SL 25445

Short below 25225 for 25125 - 25005 - 24685 , SL 25345

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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.