Thursday, 3 November 2016

Bank Nifty Spot Outlook for 03rd November

BANK NIFTY


Bank Nifty spot opened at 19223.50 and made a high of 19296.55 , went down till 19158.75 before closing at 19227.90 .  Had mentioned long positions can be taken above 19516 and short positions can be taken below 19401 for the day.  Bank Nifty opened near our last short target for the day and did not give any chance to enter the short trade. Bank Nifty also completed our initial 3 short targets as per our weekly levels  and now further correction will get confirmed on breaking below 19084 .  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 - 19010 levels initially and below that till 18845 - 18780 levels again . 

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 19281 we can see a initial move upto 19336 & on sustaining above 19351 we may see further upmove  till 19451. Similarly if Bank Nifty spot sustains below 19175 we may see a initial move on the downside upto 19120 &  on sustaining below 19105 we may see further downmove till 19005

Bank Nifty Spot Levels for the day are

Long above 19281 for 19313 
– 19351 – 19451 , SL 19211

Short below 19175 for 19143 – 19105 – 19005 , SL 19244

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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.