Bank Nifty Spot Outlook for 08th November

BANK NIFTY

Bank Nifty spot opened at 19317.85 and made a high of 19378 , went down till 19233 before closing at 19356 .  Had mentioned long positions can be taken above 19105 and short positions can be taken below 19012 for the day.  Bank Nifty opened with a big gap up above our last target and did not give any chance to enter .Bank Nifty was stronger than Nifty towards the end of session and closed near the highs of the day in contrast to Nifty which closed near the lows  of the day . Also Bank Nifty has closed just above our weekly levels to stay long . Had mentioned in the previous post that ' Bank Nifty holding 19010 levels can retest 19315 - 19495 levels initially above 19207 where the downtrend for this month got confirmed '  and today we saw it test these levels and also close within it .Below 19010 levels Bank Nifty has good support near 18805 - 18505 levels incase of further correction . Deeper correction can be expected only if we get a close below 18505 .  If Bank Nifty sustains above 19495  then we can see a move till 19645 - 19730 levels .

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 19421 we can see a initial move upto 19490 & on sustaining above 19508 we may see further upmove  till 19633. Similarly if Bank Nifty spot sustains below 19290 we may see a initial move on the downside upto 19221 &  on sustaining below 19204 we may see further downmove till 19079

Bank Nifty Spot Levels for the day are

Long above 19421 for 19462 – 19508 – 19633 , SL 19336

Short below 19290 for 19250 – 19204 – 19079 , SL 19376

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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.