Monday, 30 September 2019

Bank Nifty Spot Outlook for 01st Oct

BANK NIFTY


In the previous session Bank Nifty spot opened at 29674.80, made a high of 29754.40,  made a low of 28943.45 before closing at 29103.15

Had mentioned that long trade will get triggered for the day on sustaining above 30265 and short trade will get triggered for the day on sustaining below 29490. Bank Nifty triggered our short trade and completed 2 targets doing 500+ points. 



For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30900 and then enter for a initial target of 31985 - 32260 and look to hold further only on sustaining or getting a close above 32260 for the next targets of 33190 - 34220. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 28850 and then enter for a initial target of 27770 - 27495 and look to hold further only on sustaining or getting a close below 27495 for the next targets of 26560 - 25535.



For the month of October , longs will be confirmed in Bank Nifty with a consecutive close above 32145 for a initial target of 34415 - 34985 and sustaining / closing above 34985 we can see a further move till 36935 - 39080 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 27860 for a initial target of 25590 - 25020 and sustaining / closing below 25020 we can see a further move till 23070 - 20925.


Bank Nifty has immediate resistance at 30510- 30900 zone and it needs to give a strong close above it for a further upmove .

On the downside Bank Nifty has immediate support near 29245 - 28850 and it needs to give a strong close below it for a correction. 


Now in the coming session Bank Nifty needs to break and sustain above 29480 to test 29880 - 29980 initially and sustaining above it we can see a further upmove till 30325 - 30700. Similarly breaking and sustaining below 28725 we can see a test of 28325 - 28225 initially and sustaining below it we can see a further correction till 27885 - 27505



Bank Nifty Spot Levels for the day are

Long above 29480 for 29715 - 29980 - 30700 , SL 29220

Short below 28725 for 28495 - 28225 - 27505 , SL 28985

Telegram Channel will be active from October for live trades under the name of Simply Trade . Those who wish to join can click on this link and open it with telegram https://t.me/joinchat/AAAAAFirR428Znf3BfpfmA 

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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.

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