Saturday, 28 September 2019

Weekly Spot Outlook Of Bank Nifty For 30th Sep to 04th Oct

BANK NIFTY

This past week Bank Nifty spot went up by 1820 points ,  before finally ending the week with a gain of 895 points compared to last weekly closing.

Bank Nifty made a high of 30801.30 and made a low of 29470.10 in the previous week. 


Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 29815 to enter for a test of 30695 - 30915 initially and above it further till 31675 - 32505 and to confirm a short trade Bank Nifty needs to sustain/close below 28150 to test 27270 - 27045 initially and below it further till 26290 - 25460 , and Bank Nifty initially confirmed our weekly long trade and nearly completed our initial targets.


For the coming 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.


Bank Nifty Spot Levels for the week are

Long above 30510 , Tgt 30900 - 31220 - 31535

IF Bank Nifty spot manages to get a close / sustain above 31985 then 

long again for 32260 - 33190 - 34220

Short below 29245 , Tgt 28850 - 28535 - 28220

IF Bank Nifty spot manages to get a close / sustain below 27770 then 

short again for 27495 - 26560 - 25535


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 

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and continue trailing it further .

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