Sunday, 2 October 2016

Bank Nifty Spot Outlook for 03rd October

BANK NIFTY


Bank Nifty spot opened at 19116 and made a low of 19085.20 ,  then went up till 19330.85before closing at 19285.70 .  Had mentioned long positions can be taken above 19264 and short positions can be taken below 19103 for the day.  Bank Nifty initially triggered our short trade but did not complete any target and took our TSL . It then went up and triggered our long trade and completed 1 target . Overall it was a no gain trading day . We will always have such days of indecisiveness after a big move in one direction based on news as the market would wait for the next trigger for a move . Was expecting some support near 19185 levels on the downside and so far Nifty has managed to hold it on closing expect for Thursday when it closed just 1 point lower . Incase we break the intraday low of 19059 and sustain then we have the next support now near 18975 - 18845 level . Now Bank Nifty has resistance near 19315 - 19495 levels and once it breaks and sustains above it we can expect a test of 19645 - 19730 levels where it should face the next resistance . Bank Nifty had been taking support near 18444 - 18537 levels in the entire month of August month & has managed to take support near 19050 levels in September .  Bank Nifty has immediate resistance at 19315 - 19495 levels . Bank Nifty has immediate support at 18975 - 18845 levels now.

For the month of October we can expect uptrend in Bank Nifty spot on a  consecutive closing above 19737 and downtrend to continue on a consecutive closing below 18835 . 

For today if Bank Nifty spot sustains above 19368 we can see a initial move upto 19455 & on sustaining above 19477 we may see further upmove  till 19635. Similarly if Bank Nifty spot sustains below 19203 we may see a initial move on the downside upto 19116 &  on sustaining below 19094 we may see further downmove till 18937

Bank Nifty Spot Levels for the day are

Long above 19368 for 19419
 – 19477 – 19635 , SL 19260

Short below 19203 for 19152 – 19094 – 18937 , SL 19311

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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.