Tuesday, 23 October 2018

Bank Nifty Spot Outlook for 24th Oct

BANK NIFTY


In the previous session Bank Nifty spot opened at 24786.90, made a low of 24784.90,  made a high of 25124.60,  before closing at 24972.45.

Had mentioned that long trade for the day will get triggered on sustaining above 25235 and short trade for the day will get triggered on sustaining below 24920 . Bank Nifty triggered our short trade with a big gap down 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 Bank Nifty has been trading in the range of 24675 - 25500 till now and it needs to break and sustain this range on any side for a good move .

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 25130 to test 25290 - 25335 initially and sustaining above it we can see a further upmove till 25475 - 25630. Similarly breaking and sustaining below 24815 we can see a test of 24655 - 24610 initially and sustaining below it we can see a further correction till 24470 - 24315.


Bank Nifty Spot Levels for the day are

Long above 25130 for 25225 - 25335 - 25630 , SL 25020

Short below 24815 for 24720 - 24610 - 24315 , SL 24925

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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.