Monday, 3 October 2016

Bank Nifty Spot Outlook for 04th October

BANK NIFTY


Bank Nifty spot opened at 19395.55 and made a low of 19363.95 ,  then went up till 19611.25before closing at 19589.05 .  Had mentioned long positions can be taken above 19368 and short positions can be taken below 19203 for the day.  Bank Nifty triggered our long trade today at opening then dipped to give a good entry and missed completing our last target by 25 points but still gave nearly 220+ points from  the long trade . Bank Nifty also triggered our weekly longs and nearly completed our initial 3 targets . Further long positions will get confirmed on sustaining above 19735 as per the weekly levels . After a day of indecisiveness on Friday , today we got a trending day on the upside .  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 and we have got nearly a 400+ points from the lows of last week . Incase we break the low of 19059 of September and sustain then we have the next support now near 18975 - 18845 level . Had mentioned in the previous post '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 closed comfortably above its immediate resistance at 19315 - 19495 levels . Bank Nifty is now close to our trend continuation level of 19737 for this month and sustaining above it or closing consecutively above it can see a retest of 20080 levels again. Bank Nifty may face some resistance near 17737 - 17792 levels tomorrow. We may see some swings as we have RBI policy announcement too. One should use TSL while trading tomorrow as we may see SL getting hit incase of swings.

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 19684 we can see a initial move upto 19785 & on sustaining above 19810 we may see further upmove  till 19992. Similarly if Bank Nifty spot sustains below 19494 we may see a initial move on the downside upto 19393 &  on sustaining below 19368 we may see further downmove till 19186

Bank Nifty Spot Levels for the day are

Long above 19648 for 19743
 – 19810 – 19992 , SL 19560

Short below 19530 for 19435 – 19368 – 19186 , SL 19618

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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.