Bank Nifty Spot Outlook for 25th Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 29604.35, made a high of 29693.25,  made a low of 28994.20 before closing at 29107.95

Had mentioned that long trade will get triggered for the day on sustaining above 29595 and short trade will get triggered for the day on sustaining below 29325. Bank Nifty initially triggered our long trade and completed just 1 target and took our TSL. Bank Nifty reversed to trigger our short trade and nearly completed all our short targets giving 300+ points.

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. 

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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 29195 to test 29285 - 29310 initially and sustaining above it we can see a further upmove till 29390 - 29475. Similarly breaking and sustaining below 29020 we can see a test of 28930 - 28905 initially and sustaining below it we can see a further correction till 28825 - 28740

Bank Nifty Spot Levels for the day are

Long above 29195 for 29250 - 29310 - 29475 , SL 29135

Short below 29020 for 28970 - 28905 - 28740 , SL 29080

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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.