Monday, 4 November 2019

Bank Nifty Spot Outlook for 05th Nov

BANK NIFTY


In the previous session Bank Nifty spot opened at 30415.90, made a high of 30607.05,  made a low of 30227.25 before closing at 30331.95

Had mentioned that long trade will get triggered for the day on sustaining above 30410 and short trade will get triggered for the day on sustaining below 30250. Bank Nifty initially triggered our long trade and did 175+ points and took our TSL. Bank Nifty then reversed to trigger our short trade but could not sustain and took our stoploss. 

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30550 and then enter for a initial target of 30770 - 30830 and look to hold further only on sustaining or getting a close above 30830 for the next targets of 31020 - 31230. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30110 and then enter for a initial target of 29890 - 29830 and look to hold further only on sustaining or getting a close below 29830 for the next targets of 29640 - 29430.





For this month :

For the month of November , longs will be confirmed in Bank Nifty with a consecutive close above 30495 for a initial target of 30950 - 31065 and sustaining / closing above 31065 we can see a further move till 31455 - 31880 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29640 for a initial target of 29185 - 29070 and sustaining / closing below 29070 we can see a further move till 28680 - 28250.




Now Bank Nifty has immediate resistance at 30330 - 30495 and it needs to sustain or give a consecutive close above 30495 for a further upmove towards 30950 - 31065. 

On the downside Bank Nifty has immediate support near 29800 - 29635 and its needs to sustain or give a consecutive close below 29635 for a further downmove towards 29185 - 29070. 







Now in the coming session Bank Nifty needs to break and sustain above 30410 to test 30495 - 30515 initially and sustaining above it we can see a further upmove till 30585 - 30665. Similarly breaking and sustaining below 30250 we can see a test of 30170 - 30150 initially and sustaining below it we can see a further correction till 30075 - 29995



Bank Nifty Spot Levels for the day are

Long above 30410 for 30460 - 30515 - 30665 , SL 30355

Short below 30250 for 30205 - 30150 - 29995 , SL 30305

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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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