Tuesday, 29 October 2019

Bank Nifty Spot Outlook for 30th Oct

BANK NIFTY


In the previous session Bank Nifty spot opened at 29527.60, made a low of 29385.45,  made a high of 29997.65 before closing at 29873.05

Had mentioned that long trade will get triggered for the day on sustaining above 29575 and short trade will get triggered for the day on sustaining below 29395. Bank Nifty tested our short trigger and reversed to trigger our long trigger for the day and completed all daily targets giving 400 points. 


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29630 and then enter for a initial target of 29875 - 29940 and look to hold further only on sustaining or getting a close above 29940 for the next targets of 30155 - 30390. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29160 and then enter for a initial target of 28915 - 28850 and look to hold further only on sustaining or getting a close below 28850 for the next targets of 28640 - 28405.

Bank Nifty also triggered our weekly long trade and completed our initial targets today. Now sustaining above 29940 in the coming session is required for a further move towards 30155 - 30390.



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 30060 - 30080 zone and it needs to sustain or close  above it for a further upmove towrards 30155 - 30390.

On the downside Bank Nifty has immediate support near 29540 - 29630 and below it near 29160 - 29250 where it take support incase of a good correction .







Now in the coming session Bank Nifty needs to break and sustain above 29965 to test 30060 - 30090 initially and sustaining above it we can see a further upmove till 30165 - 30255. Similarly breaking and sustaining below 29780 we can see a test of 29690 - 29665 initially and sustaining below it we can see a further correction till 29580 - 29490



Bank Nifty Spot Levels for the day are

Long above 29965 for 30020 - 30090 - 30255 , SL 29900

Short below 29780 for 29725 - 29665 - 29490 , SL 29845

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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