Bank Nifty Spot Outlook for 22nd Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 24966.50, made a low of 24922.65,  made a high of 25227.90,  before closing at 25085.80 .

Had mentioned that long trade for the day will get triggered on sustaining above 25355 and short trade for the day will get triggered on sustaining below 25025 . Bank Nifty triggered our short trade and barely completed our first target and traded in a narrow range.

Now in this week Bank Nifty needs to break and sustain / close above 25500 to test 25935 - 26050 initially and above it we can see a test of 26425 - 26835 . Similarly Bank Nifty needs to break and sustain / close below 24675 to test 24235 - 24125 initially and below it we can see a test of 23750 - 23325.

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. Incase Bank Nifty fails to give a consecutive close above 25780 we can see a it go back to 25100 - 25000  again.", and Bank Nifty failed to sustain above 25780 and made a low of 24922.65. Now Bank Nifty needs to hold above 24950 for a pullback again else breaking / sustaining below  it we can see a move towards 24485 - 24365 . 

Now in the coming session Bank Nifty needs to break and sustain above 25245 to test 25405 - 25450 initially and sustaining above it we can see a further upmove till 25590 - 25750. Similarly breaking and sustaining below 24930 we can see a test of 24765 - 24725 initially and sustaining below it we can see a further correction till 24580 - 24425.

Bank Nifty Spot Levels for the day are

Long above 25245 for 25340 - 25450 - 25750 , SL 25135

Short below 24930 for 24835 - 24725 - 24425 , SL 25040

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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.