Weekly Spot Outlook Of Bank Nifty For 22nd Oct to 25th Oct

BANK NIFTY

This past week Bank Nifty spot held above the previous weeks close  ,  went up by 1207 points before finally ending the week with a gain of 1078 points compared to last weekly closing.

Bank Nifty made a low of 28043.25 and made a high of 29249.50 in the previous week. 

Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 28570 to enter for a test of 29130 - 29270 initially and above it further till 29750 - 30280 and to confirm a short trade Bank Nifty needs to sustain/close below 27515 to test 26960 - 26815 initially and below it further till 26335 - 25810 , and Bank Nifty confirmed our weekly long trade and completed our initial targets giving 800+ 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 Spot Levels for the week are

Long above 29410 , Tgt 29585 - 29730 - 29870

IF Bank Nifty spot manages to get a close / sustain above 30075 then 

long again for 30200 - 30620 - 31080

Short below 28835 , Tgt 28655 - 28515 - 28370

IF Bank Nifty spot manages to get a close / sustain below 28165 then 

short again for 28040 - 27620 - 27155

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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