Sunday, 9 October 2016

Bank Nifty Spot Outlook for 10th October

BANK NIFTY


Bank Nifty spot opened at 19398.05 and made a high of 19456 ,  then went down till 19318before closing at 19400.10 .  Had mentioned long positions can be taken above 19481 and short positions can be taken below 19309 for the day.  Bank Nifty traded within our long and short trigger levels the entire day again indicating indecisiveness in direction. 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 and closing 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 Thursday, 2 weeks ago when it closed just 1 point lower and we have got nearly a 750+ points move from the lows of that 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 again of 19495 - 19315 by making a low of 19318 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. For a week to week close Bank Nifty has closed with a gain of 114 points and holding the lows of this week on closing we may see a retest of 19645 - 19730 levels if global cues are positive . 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 19479 we can see a initial move upto 19563 & on sustaining above 19584 we may see further upmove  till 19735. Similarly if Bank Nifty spot sustains below 19321 we may see a initial move on the downside upto 19237 &  on sustaining below 19216 we may see further downmove till 19065

Bank Nifty Spot Levels for the day are

Long above 19479 for 19528
 – 19584 – 19735 , SL 19376

Short below 19321 for 19272 – 19216 – 19065 , SL 19425

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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.