Bank Nifty Spot Outlook for 17th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 25414.20, made a low of 25351.80,  made a high of 25707.05,  before closing at 25589.65

Had mentioned that long trade for the day will get triggered on sustaining above 25555 and short trade for the day will get triggered on sustaining below 25220 . Bank Nifty triggered our long trade and did 150 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 it go back to 25100 - 25000  again.

Now in the coming session Bank Nifty needs to break and sustain above 25755 to test 25925 - 25965 initially and sustaining above it we can see a further upmove till 26115 - 26275. Similarly breaking and sustaining below 25425 we can see a test of 25255 - 25215 initially and sustaining below it we can see a further correction till 25065 - 24900.

Bank Nifty Spot Levels for the day are

Long above 25755 for 25855 - 25965 - 26275 , SL 25640

Short below 25425 for 25325 - 25215 - 24900 , SL 25540

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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.