Wednesday, 19 October 2016

Bank Nifty Spot Outlook for 19th October

BANK NIFTY


Bank Nifty spot opened at 19174.70 and made a low of 19162.85 ,  then went up till 19511.80 before closing at 19495.05 .  Had mentioned long positions can be taken above 19142 and short positions can be taken below 18999 for the day.  Bank Nifty triggered our long trade and completed all 3 intraday targets and also triggered our weekly longs and confirmed 4 targets giving us around 300+ points from the long trade . 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 on Friday . If Bank Nifty breaks below 18975 - 18845 levels and sustains then we have a small support near 18715 - 18570 levels  . Had also mentioned that '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' and today we saw Bank Nifty make a high of 19511.80 and also close at 19495 . Now sustaining above it we should test the next resistance levels of 19645 - 19730 .  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 19578 we can see a initial move upto 19665 & on sustaining above 19688 we may see further upmove  till 19846. Similarly if Bank Nifty spot sustains below 19412 we may see a initial move on the downside upto 19325 &  on sustaining below 19303 we may see further downmove till 19144

Bank Nifty Spot Levels for the day are

Long above 19578 for 19629 
– 19688 – 19846 , SL 19469

Short below 19412 for 19361 – 19303 – 19144 , SL 19521

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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.