Sunday, 8 October 2017

Bank Nifty Spot Outlook for 09th Oct

BANK NIFTY


Bank Nifty spot opened at 24083.55 ,made a low of 24074.35 , it made a high of 24242.05,  before closing at 24190 

Had mentioned that long positions for the day can be taken above 24135 and short positions for the day can be taken below 23980 . Bank Nifty triggered our long trade and completed 2 targets . Bank Nifty did not confirm our weekly longs in the previous week whereas Nifty confirmed weekly longs and also completed 4 targets last week . 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 .


Had mentioned in the previous post " 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 . "  , and we saw Bank Nifty make a high of 24242.05 and test our initial resistance range but still could not break and sustain above 24250 which was required last week for longs to be held .  Now in the coming session Bank Nifty breaking and sustaining below 24125 can test 24060 - 24040 and on sustaining below it we can see a further test of 23980 - 23920 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24255 we can see a test of 24320 - 24340 initially and breaking and sustaining above it we can see a further move till 24400 - 24460 next . 


Bank Nifty Spot Levels for the day are

Long above 24255 for 24295 
– 24340 – 24460 , SL 24170

Short below 24125 for 24085 – 24040 – 23920 , SL 24210

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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.