Friday, 7 October 2016

Bank Nifty Spot Outlook for 07th October

BANK NIFTY


Bank Nifty spot opened at 19518.55 and made a high of 19570.70 ,  then went down till 19325.80before closing at 19395.05.  Had mentioned long positions can be taken above 19625 and short positions can be taken below 19449 for the day.  Bank Nifty triggered our short trade and completed 2 targets giving around 100+ points today.  Had mentioned in the previous post that Bank Nifty has completed our initial 3 targets as per our weekly levels and further longs position will get confirmed on sustaining above 19735 as per the weekly levels . Was expecting some support near 19185 levels on the downside and so far Nifty has managed to hold it on closing expect for last Thursday when it closed just 1 point lower and we have got nearly a 750+ points move 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 posts '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'  and Bank Nifty took resistance near 19730 and reversed back to retest the lower end of the support zone of 19495 - 19315 by making a low of 19325.80 today . Bank Nifty had been taking support near 18444 - 18537 levels in the entire month of August & has managed to take support near 19050 levels in September . Bank Nifty needs to break above our trend continuation level of 19737 for this month and closing consecutively above it can see a retest of 20080 levels again.Had mentioned in the previous 2 posts 'Today Bank Nifty broke above our trend continuation level of 19737 but could not sustain and close above it and incase we are not able to sustain above it then we may retest the immediate support of 19495 - 19315 levels again' and Bank Nifty today took support near 19325 . Tomorrow is the weekly close too and if Bank Nifty holds this support then we may see it move back to retest the immediate resistance of 19645 - 19730 levels . If Bank Nifty breaks and sustains below 19315 then it has immediate support near 19185 - 19050 levels .

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 19481 we can see a initial move upto 19572 & on sustaining above 19595 we may see further upmove  till 19759. Similarly if Bank Nifty spot sustains below 19309 we may see a initial move on the downside upto 19218 &  on sustaining below 19195 we may see further downmove till 19031

Bank Nifty Spot Levels for the day are

Long above 19481 for 19534
 – 19595 – 19759 , SL 19369

Short below 19309 for 19256 – 19195 – 19031 , SL 19422

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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.