Friday, 28 October 2016

Bank Nifty Spot Outlook for 28th October

BANK NIFTY


Bank Nifty spot opened at 19452 and made a high of 19544.20 , went down till 19252.10 before closing at 19514.60 .  Had mentioned long positions can be taken above 19560 and short positions can be taken below 19407 for the day.  Bank Nifty triggered our short trade and gave nearly 150 points from the short trade. Had mentioned in the previous post that 'Those who are holding longs should move their cbsl to 19685 spot now. Bank Nifty has been clearly outperforming the Nifty and has given a consecutive close now above 19737 but Nifty is being a laggard as it unable to break above 8755 and if Nifty fails to do so and breaks below 8649 then it can drag Bank Nifty along with it and we may see Bank Nifty test 19315 - 19495 levels ' and today Bank Nifty broke below these levels and made a low of 19252.10 but managed to close it . Also had mentioned 'Below 19315 we can see a test of 19185 - 19059 levels again incase Nifty also breaks 8550 now'. If Bank Nifty sustains above 19495 then we can see a retest of 19645 - 19730 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 19591 we can see a initial move upto 19672 & on sustaining above 19693 we may see further upmove  till 19839. Similarly if Bank Nifty spot sustains below 19437 we may see a initial move on the downside upto 19357 &  on sustaining below 19336 we may see further downmove till 19190

Bank Nifty Spot Levels for the day are

Long above 19591 for 19639 
– 19693 – 19839 , SL 19491

Short below 19437 for 19391 – 19336 – 19190 , SL 19538

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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.