Weekly Spot Outlook Of Bank Nifty For 07th to 11th Oct

BANK NIFTY

This past week Bank Nifty spot went down by 2223 points ,  before finally ending the week with a loss of 2145 points compared to last weekly closing.

Bank Nifty made a high of 29754.40 and made a low of 27653.70 in the previous week. 

Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 30900 to enter for a test of 31985 - 32260 initially and above it further till 33190 - 34220 and to confirm a short trade Bank Nifty needs to sustain/close below 28850 to test 27770 - 27495 initially and below it further till 26560 - 25535 , and Bank Nifty confirmed our weekly short trade and gave 1500+ points.

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28390 and then enter for a initial target of 29085 - 29260 and look to hold further only on sustaining or getting a close above 29260 for the next targets of 29860 - 30520. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27075 and then enter for a initial target of 26380 - 26200 and look to hold further only on sustaining or getting a close below 26200 for the next targets of 25600 - 24950.

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 given a close below 27860 and we need to get a consecutive close below it to stay short.

Bank Nifty has immediate resistance at 28140- 28390 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 27325 - 27075 and it needs to give a strong close below it this week for a correction.

Bank Nifty Spot Levels for the week are

Long above 28140 , Tgt 28390 - 28595 - 28795

IF Bank Nifty spot manages to get a close / sustain above 29085 then 

long again for 29260 - 29860 - 30520

Short below 27325 , Tgt 27075 - 26870 - 26670

IF Bank Nifty spot manages to get a close / sustain below 26380 then 

short again for 26200 - 25600 - 24950

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

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and continue trailing it further .

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