Saturday, 26 October 2019

Weekly Spot Outlook Of Bank Nifty For 29th Oct to 01st Nov


Wishing everyone a very Happy Diwali and a Prosperous New Year

BANK NIFTY

This past week Bank Nifty spot went up by 570 points then went down by 197 points before finally ending the week with a gain of 275 points compared to last weekly closing.

Bank Nifty made a high of 29693.25 and made a low of 28923.80 in the previous week. 


Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 29585 to enter for a test of 30075 - 30200 initially and above it further till 30620 - 31080 and to confirm a short trade Bank Nifty needs to sustain/close below 28655 to test 28165 - 28040 initially and below it further till 27620 - 27155 , and Bank Nifty failed to sustain and give a close above 29585 inspite of breaking above it twice and traded sideways between our long and short confirmation levels . 


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.


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 29540 - 29630 zone and it needs to give a strong close above it for a upmove this week towards 29875 - 29940 where it has its next resistance.

On the downside Bank Nifty has immediate support near 29250 - 29160 and it needs to give a strong close below it for a correction this week towards 28915 - 28850 where it has its next support .


Bank Nifty Spot Levels for the week are

Long above 29540 , Tgt 29630 - 29705 - 29775

IF Bank Nifty spot manages to get a close / sustain above 29875 then 

long again for 29940 - 30155 - 30390

Short below 29250 , Tgt 29160 - 29090 - 29020

IF Bank Nifty spot manages to get a close / sustain below 28915 then 

short again for 28850 - 28640 - 28405


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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