Wednesday, 23 October 2019

Bank Nifty Spot Outlook for 24th Oct

BANK NIFTY


In the previous session Bank Nifty spot opened at 29478.85, made a high of 29643.80,  made a low of 29214.05 before closing at 29459.60

Had mentioned that long trade will get triggered for the day on sustaining above 29590 and short trade will get triggered for the day on sustaining below 29235. Bank Nifty triggered our long trade but could not complete any target and took our stoploss. Bank Nifty reversed to trigger our short trade but could not sustain and hit our stoploss indicating indecisiveness . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29585 and then enter for a initial target of 30075 - 30200 and look to hold further only on sustaining or getting a close above 30200 for the next targets of 30620 - 31080. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 28655 and then enter for a initial target of 28165 - 28040 and look to hold further only on sustaining or getting a close below 28040 for the next targets of 27620 - 27155.




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 29405- 29585 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 28835 - 28655 and it needs to give a strong close below it for a correction this week.

Bank Nifty has today again closed within its resistance zone and sustaining / closing above it in the coming sessions is required for the upmove to resume.








Now in the coming session Bank Nifty needs to break and sustain above 29595 to test 29735 - 29770 initially and sustaining above it we can see a further upmove till 29890 - 30020. Similarly breaking and sustaining below 29325 we can see a test of 29185 - 29150 initially and sustaining below it we can see a further correction till 29030 - 28900



Bank Nifty Spot Levels for the day are

Long above 29595 for 29675 - 29770 - 30020 , SL 29500

Short below 29325 for 29245 - 29150 - 28900 , SL 29420

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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