Sunday, 16 October 2016

Bank Nifty Spot Outlook for 17th October

BANK NIFTY


Bank Nifty spot opened at 19016.70 and made a high of 19053.50 ,  then went down till 18926.15 before closing at 19020.15 .  Had mentioned long positions can be taken above 19042 and short positions can be taken below 18866 for the day.  Bank Nifty triggered our long trade towards the end but did not complete any targets . Had been mentioning since some days that 'Incase we break the lows of 19059 of September and sustain then we have the next support now near 18975 - 18845 level '  and Bank Nifty made a low of 18824.40 and tested this level . If Bank Nifty breaks below 18975 - 18845 levels and sustains then we have a small support near 18715 - 18570 levels  . IF Bank Nifty holds 18445 - 18975 levels then we may see a retest of 19315 - 19495 levels initially and on sustaining above it further till 19645 - 19730 resistance levels .  If Bank Nifty manages to give a consecutive close above 19737 levels then we may test higher 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 19092 we can see a initial move upto 19169 & on sustaining above 19188 we may see further upmove  till 19326. Similarly if Bank Nifty spot sustains below 18948 we may see a initial move on the downside upto 18872 &  on sustaining below 18853 we may see further downmove till 18715

Bank Nifty Spot Levels for the day are

Long above 19092 for 19137 
– 19188 – 19326 , SL 18998

Short below 18948 for 18904 – 18853 – 18715 , SL 19042

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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.