Wednesday, 9 October 2019

Bank Nifty Spot Outlook for 10th Oct


BANK NIFTY


In the previous session Bank Nifty spot opened at 27901.65, made a low of 27702.05,  made a high of 28857.70 before closing at 28785.85

Had mentioned that long trade will get triggered for the day on sustaining above 27895 and short trade will get triggered for the day on sustaining below 27640. Bank Nifty triggered our long trade and completed all targets and went beyond it giving 900+ points after the previous session of indecisiveness. 


For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28390 and then enter for a initial target of 29085 - 29260 and look to hold further only on sustaining or getting a close above 29260 for the next targets of 29860 - 30520. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27075 and then enter for a initial target of 26380 - 26200 and look to hold further only on sustaining or getting a close below 26200 for the next targets of 25600 - 24950.

Bank Nifty triggered our weekly long trade too today and we can see a move towards our initial targets of 29085 - 29260.  



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 29220- 29270 and it needs to sustain above it in the coming sessions for a stronger move .

On the downside Bank Nifty has immediate support near 28110 - 28390 and it needs to hold this for the upmove to show strength. 




Now in the coming session Bank Nifty needs to break and sustain above 28995 to test 29215 - 29270 initially and sustaining above it we can see a further upmove till 29460 - 29670. Similarly breaking and sustaining below 28575 we can see a test of 28360 - 28300 initially and sustaining below it we can see a further correction till 28110 - 27900



Bank Nifty Spot Levels for the day are

Long above 28995 for 29125 - 29270 - 29670 , SL 28850

Short below 28575 for 28450 - 28300 - 27900 , SL 28720

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/simplytradestocks

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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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