Bank Nifty Spot Outlook for 05th Oct

BANK NIFTY

Bank Nifty spot opened at 24124.15 ,made a low of 24058.65 , it made a high of 24230.45,  before closing at 24113.30 

Had mentioned that long positions for the day can be taken above 24180 and short positions for the day can be taken below 24030 . Bank Nifty triggered our long trade and completed our 2nd target for the day . Bank Nifty has yet to confirm our weekly longs whereas Nifty has triggered and completed our initial 3 targets now . We were expecting a move today in Bank Nifty after the policy announcement on either side but we did not get to see a move . Now Bank Nifty will have to give a  good move to catch up with Nifty tomorrow or else even Nifty wont be able to sustain above 9940 for the next move . Also it is the weekly expiry and we can see Bank Nifty break its current range of 24000 - 24250 within which it has been trading for the past 3 sessions.

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 24030 can test 23950 - 23930 and on sustaining below it we can see a further test of 23860 - 23785 next . Similarly in the coming session Bank Nifty breaking and sustaining above 24180 we can see a test of 24260 - 24280 initially and breaking and sustaining above it we can see a further move till 24350 - 24425 next . "  , and we saw Bank Nifty make a high of 24230.45 today .  Now in the coming session Bank Nifty breaking and sustaining below 24035 can test 23955 - 23935 and on sustaining below it we can see a further test of 23865 - 23790 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24190 we can see a test of 24270 - 24290 initially and breaking and sustaining above it we can see a further move till 24360 - 24435 next . 

Bank Nifty Spot Levels for the day are

Long above 24190 for 24235 – 24290 – 24435 , SL 24090

Short below 24035 for 23990 – 23935 – 23790 , SL 24135

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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.