Sunday, 13 October 2019

Bank Nifty Spot Outlook for 14th Oct

BANK NIFTY


In the previous session Bank Nifty spot opened at 28245.55, made a high of 28604.05,  made a low of 27736.80 before closing at 28042.50

Had mentioned that long trade will get triggered for the day on sustaining above 28225 and short trade will get triggered for the day on sustaining below 27800. Bank Nifty triggered our long trade and completed 350+ points and took our TSL. Bank Nifty then triggered our short trade but did not sustain and complete any targets. Bank Nifty has been swinging both sides indecisiveness of late and this can continue for a few more sessions.



For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28570 and then enter for a initial target of 29130 - 29270 and look to hold further only on sustaining or getting a close above 29270 for the next targets of 29750 - 30280. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27515 and then enter for a initial target of 26960 - 26815 and look to hold further only on sustaining or getting a close below 26815 for the next targets of 26335 - 25810.





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 28370- 28570 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 27715 - 27515 and it needs to give a strong close below it this week for a correction.







Now in the coming session Bank Nifty needs to break and sustain above 28245 to test 28455 - 28505 initially and sustaining above it we can see a further upmove till 28690 - 28890. Similarly breaking and sustaining below 27845 we can see a test of 27635 - 27580 initially and sustaining below it we can see a further correction till 27400 - 27200



Bank Nifty Spot Levels for the day are

Long above 28245 for 28365 - 28505 - 28890 , SL 28105

Short below 27845 for 27720 - 27580 - 27200 , SL 27980

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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