Thursday, 20 October 2016

Bank Nifty Spot Outlook for 20th October

BANK NIFTY


Bank Nifty spot opened at 19570.05 and made a high of 19576.30 ,  then went down till 19322.75 before closing at 19412.10.  Had mentioned long positions can be taken above 19578 and short positions can be taken below 19412 for the day.  Bank Nifty triggered our short trade and completed 1 target giving us 50 points from the short 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 19576.30 but was again unable to close above 19495. Also Bank Nifty took support intraday near the lower end of the zone of 19315 - 19495. Now on closing or sustaining above 19495 Bank Nifty 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 19494 we can see a initial move upto 19580 & on sustaining above 19602 we may see further upmove  till 19759. Similarly if Bank Nifty spot sustains below 19330 we may see a initial move on the downside upto 19244 &  on sustaining below 19222 we may see further downmove till 19066

Bank Nifty Spot Levels for the day are

Long above 19494 for 19544 
– 19602 – 19759 , SL 19387

Short below 19330 for 19280 – 19222 – 19066 , SL 19437

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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.