Bank Nifty Spot Outlook for 31st Oct

BANK NIFTY

In the previous session Bank Nifty spot opened at 30005.70, made a high of 30151.10,  made a low of 29753.00 before closing at 29987.50

Had mentioned that long trade will get triggered for the day on sustaining above 29965 and short trade will get triggered for the day on sustaining below 29780. Bank Nifty triggered our long trade and completed 2 targets giving 175 points. Bank Nifty also tested our short trigger but immediately reversed and took our stoploss. 

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. 

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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 had also triggered our weekly long trade and today touched our next target zone of 30155 - 30390 with a high of 30151.10 giving 500 points from the weekly long trade. 

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 30080 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 30075 to test 30170 - 30195 initially and sustaining above it we can see a further upmove till 30275 - 30360. Similarly breaking and sustaining below 29900 we can see a test of 29805 - 29780 initially and sustaining below it we can see a further correction till 29705 - 29615

Bank Nifty Spot Levels for the day are

Long above 30075 for 30130 - 30195 - 30360 , SL 30015

Short below 29900 for 29845 - 29780 - 29615 , SL 29960

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.