Thursday, 5 October 2017

Bank Nifty Spot Outlook for 06th Oct

BANK NIFTY


Bank Nifty spot opened at 24114.75 ,made a high of 24188.30 , it made a low of 24033.35,  before closing at 24058.05 

Had mentioned that long positions for the day can be taken above 24190 and short positions for the day can be taken below 24035 . Bank Nifty traded the entire day between our long and short trigger for the day indicating indecisiveness . Bank Nifty has yet to confirm our weekly longs whereas Nifty has triggered and completed our initial 4 targets now . As mentioned in the previous post " 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 " , and we saw Nifty make a high of 9945 but close below 9900 as Bank Nifty did not participate . Now for a trending move Bank Nifty needs to break its current range of 24000 - 24250 on either side and sustain . 

Had mentioned in the previous post " 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 . "  , and we saw Bank Nifty make a high of 24188.30 and a low of 24033.35 and it did not sustain  on either side indicating indecisiveness today .  Now in the coming session Bank Nifty breaking and sustaining below 23980 can test 23900 - 23880 and on sustaining below it we can see a further test of 23810 - 23735 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24135 we can see a test of 24215 - 24235 initially and breaking and sustaining above it we can see a further move till 24305 - 24380 next . 


Bank Nifty Spot Levels for the day are

Long above 24135 for 24180 
– 24235 – 24380 , SL 24035

Short below 23980 for 23935 – 23880 – 23735 , SL 24080

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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.