Bank Nifty Spot Outlook for 07th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 28681.90, made a high of 28730.30,  made a low of 27653.70 before closing at 27731.85

Had mentioned that long trade will get triggered for the day on sustaining above 28785 and short trade will get triggered for the day on sustaining below 28040. Bank Nifty triggered our short trade and completed 350+ points . 

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. 

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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.

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 28140- 28390 zone and it needs to give a strong close above it for a upmove this week .

On the downside Bank Nifty has immediate support near 27325 - 27075 and it needs to give a strong close below it this week for a correction. Incase Bank Nifty manages to find support near 27325 - 27075 then we can expect to see a bounce back towards 27860 levels.

Now in the coming session Bank Nifty needs to break and sustain above 27980 to test 28245 - 28310 initially and sustaining above it we can see a further upmove till 28535 - 28785. Similarly breaking and sustaining below 27485 we can see a test of 27220 - 27155 initially and sustaining below it we can see a further correction till 26930 - 26680

Bank Nifty Spot Levels for the day are

Long above 27980 for 28135 - 28310 - 28785 , SL 27810

Short below 27485 for 27330 - 27155 - 26680 , SL 27655

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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.