Wednesday, 11 October 2017

Bank Nifty Spot Outlook for 12th Oct

BANK NIFTY


Bank Nifty spot opened at 24411.45 ,made a high of 24460.25 , it made a low of 24054.25,  before closing at 24107.45

Had mentioned that long positions for the day can be taken above 24410 and short positions for the day can be taken below 24285 . Bank Nifty triggered our long trade initially and completed just 1 target and took our TSL .Bank Nifty then triggered our short trade for the day and completed all 3 targets .  As mentioned in the previous post " Now this week Bank Nifty will need to break and sustain / close above 24360 to confirm longs and catch up with Nifty , which is possible as long as its holding 24000 on closing basis ." , and Bank Nifty today made a high of 24460.25 but saw good selling take it down till 24054 .


Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 24285 can test 24220 - 24205 and on sustaining below it we can see a further test of 24150 - 24090 next Similarly in the coming session Bank Nifty breaking and sustaining above 24410 we can see a test of 24475 - 24490 initially and breaking and sustaining above it we can see a further move till 24545 - 24605 next . "  , and we saw Bank Nifty make a high of 24460.25 below our initial resistance zone and then reverse to make a low of 24054.25 below our next support zone for the day and close within it . Now in the coming session Bank Nifty breaking and sustaining below 24060 can test 24015 - 24000 and on sustaining below it we can see a further test of 23960 - 23920 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24155 we can see a test of 24200 - 24210 initially and breaking and sustaining above it we can see a further move till 24255 - 24300 next . 


Bank Nifty Spot Levels for the day are

Long above 24155 for 24180 
– 24210 – 24300 , SL 24095

Short below 24060 for 24035 – 24000 – 23920 , SL 24120

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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.