Tuesday, 1 November 2016

Bank Nifty Spot Outlook for 02nd November

BANK NIFTY


Bank Nifty spot opened at 19578.60 and made a high of 19591.65 , went down till 19417.30 before closing at 19458.60 .  Had mentioned long positions can be taken above 19581 and short positions can be taken below 19466 for the day.  Bank Nifty triggered our long trade at opening and took our SL then went down and triggered our short trade and completed just 1 target giving around 30 pts.  Bank Nifty had been clearly outperforming the Nifty in the last upmove . Now Bank Nifty is facing resistance in the range of 19645 - 19730 levels . If Bank Nifty sustains above 19495 then we can see a retest of 19645 - 19730 levels Sustaining below 19315 Bank Nifty can test 19185 - 19059 levels initially and below that till 18845 levels again . Bank Nifty trading range has been getting narrower in the last 4 sessions and we should soon see it break out of this range of 19252 - 19922 .

For the month of November we can expect uptrend in Bank Nifty spot on a consecutive closing above 19840 and downtrend to continue on a consecutive closing below 19207 . 

For today if Bank Nifty spot sustains above 19516 we can see a initial move upto 19576 & on sustaining above 19591 we may see further upmove  till 19701. Similarly if Bank Nifty spot sustains below 19401 we may see a initial move on the downside upto 19341 &  on sustaining below 19326 we may see further downmove till 19217

Bank Nifty Spot Levels for the day are

Long above 19516 for 19551 
– 19591 – 19701 , SL 19441

Short below 19401 for 19366 – 19326 – 19217 , SL 19476

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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.