Bank Nifty Spot Outlook for 29th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 24771.85, made a high of 24771.95,  made a low of 24353.10,  before closing at 24421.05 .

Had mentioned that long trade for the day will get triggered on sustaining above 24920 and short trade for the day will get triggered on sustaining below 24715 . Bank Nifty triggered our short trade and did 340 points.

Now in this week Bank Nifty needs to break and sustain / close above 24615 to test 24820 - 24870 initially and above it we can see a test of 25045 - 25235 . Similarly Bank Nifty needs to break and sustain / close below 24230 to test 24025 - 23975 initially and below it we can see a test of 23800 - 23605.

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. Now Bank Nifty needs to sustain above 24950 for a pullback again else sustaining below it we can see a move towards 24485 - 24365 ", and Bank Nifty made  a low of 24353.10 and has given a close below 24460 on Friday . Now a consecutive close below 24460 will confirm further correction . As per expiry Bank Nifty has good support near 24255 and failing to get a consecutive close below it can take Bank Nifty back till 25165 - 25380 where it has strong resistance now.

Now in the coming session Bank Nifty needs to break and sustain above 24495 to test 24570 - 24590 initially and sustaining above it we can see a further upmove till 24655 - 24730. Similarly breaking and sustaining below 24345 we can see a test of 24270 - 24250 initially and sustaining below it we can see a further correction till 24185 - 24115.

Bank Nifty Spot Levels for the day are

Long above 24495 for 24540 - 24590 - 24730 , SL 24440

Short below 24345 for 24305 - 24250 - 24115 , SL 24400

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.