Monday, 31 October 2016

Bank Nifty Spot Outlook for 01st November

BANK NIFTY


Bank Nifty spot on Friday opened at 19657.80 and made a high of 19666.80 , went down till 19484.65 before closing at 19523.55 .  Had mentioned long positions can be taken above 19591 and short positions can be taken below 19437 for the day.  Bank Nifty triggered our long trade at opening and opened above our 1st target thereby not giving a chance to enter the trade .  Had mentioned in the previous post last week that 'Those who are holding longs should move their cbsl to 19685 spot now. Bank Nifty has been clearly outperforming the Nifty and has given a consecutive close now above 19737 but Nifty is being a laggard as it unable to break above 8755 and if Nifty fails to do so and breaks below 8649 then it can drag Bank Nifty along with it and we may see Bank Nifty test 19315 - 19495 levels ' and Bank Nifty broke below these levels and made a low of 19252.10 but managed to close above 19500 post that. If Bank Nifty sustains above 19495 then we can see a retest of 19645 - 19730 levels . Sustaining below 19315 Bank Nifty can test 19185 - 19059 levels 

For the month of November we can expect uptrend in Bank Nifty spot on a consecutive closing above 19840 and downtrend to continue on a consecutive closing below 19207 . 

For today if Bank Nifty spot sustains above 19581 we can see a initial move upto 19642 & on sustaining above 19658 we may see further upmove  till 19768. Similarly if Bank Nifty spot sustains below 19466 we may see a initial move on the downside upto 19405 &  on sustaining below 19389 we may see further downmove till 19279

Bank Nifty Spot Levels for the day are

Long above 19581 for 19617 
– 19658 – 19768 , SL 19506

Short below 19466 for 19430 – 19389 – 19279 , SL 19541

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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.