Monday, 22 October 2018

Bank Nifty Spot Outlook for 23rd Oct

BANK NIFTY


In the previous session Bank Nifty spot opened at 25484.25, made a high of 25504.75,  made a low of 25021.35,  before closing at 25078.60.

Had mentioned that long trade for the day will get triggered on sustaining above 25245 and short trade for the day will get triggered on sustaining below 24930 . Bank Nifty triggered our long trade with a big gap up and did not give a entry to trade . 

Had mentioned " 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." , and today Bank Nifty made a high of 25504.75 but could not sustain and got immediately sold off.

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 25235 to test 25400 - 25440 initially and sustaining above it we can see a further upmove till 25585 - 25735. Similarly breaking and sustaining below 24920 we can see a test of 24760 - 24715 initially and sustaining below it we can see a further correction till 24575 - 24420.


Bank Nifty Spot Levels for the day are

Long above 25235 for 25330 - 25440 - 25735 , SL 25125

Short below 24920 for 24825 - 24715 - 24420 , SL 25030

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.