Bank Nifty Spot Outlook for 26th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 24841.50, made a high of 24977.35,  made a low of 24696.85,  before closing at 24817.45 .

Had mentioned that long trade for the day will get triggered on sustaining above 25185 and short trade for the day will get triggered on sustaining below 24945 . Bank Nifty triggered our short trade and did 250 points.

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 continued 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. ", and Bank Nifty has been trading mostly between 24460 - 25780 so far this month.  Now Bank Nifty needs to sustain above 24950 for a pullback again else sustaining below  it we can see a move towards 24485 - 24365 . 

Now in the coming session Bank Nifty needs to break and sustain above 24920 to test 25030 - 25055 initially and sustaining above it we can see a further upmove till 25150 - 25250. Similarly breaking and sustaining below 24715 we can see a test of 24605 - 24580 initially and sustaining below it we can see a further correction till 24485 - 24385.

Bank Nifty Spot Levels for the day are

Long above 24920 for 24985 - 25055 - 25250 , SL 24850

Short below 24715 for 24650 - 24580 - 24385 , SL 24785

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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.