Tuesday, 8 October 2019

Bank Nifty Spot Outlook for 09th Oct


In the previous session Bank Nifty spot opened at 27909.90, made a high of 28185.15,  made a low of 27568.35 before closing at 27767.55

Had mentioned that long trade will get triggered for the day on sustaining above 27980 and short trade will get triggered for the day on sustaining below 27485. Bank Nifty traded between our long and short trigger levels indicating 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.



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 27895 to test 28030 - 28065 initially and sustaining above it we can see a further upmove till 28185 - 28310. Similarly breaking and sustaining below 27640 we can see a test of 27500 - 27470 initially and sustaining below it we can see a further correction till 27350 - 27225



Bank Nifty Spot Levels for the day are

Long above 27895 for 27975 - 28065 - 28310 , SL 27805

Short below 27640 for 27560 - 27470 - 27225 , SL 27730

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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