Monday, 9 October 2017

Bank Nifty Spot Outlook for 10th Oct

BANK NIFTY


Bank Nifty spot opened at 24209.55 ,made a low of 24156.05 , it made a high of 24311.10,  before closing at 24251.90

Had mentioned that long positions for the day can be taken above 24255 and short positions for the day can be taken below 24125 . Bank Nifty triggered our long trade and completed just 1 target .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 could not break and sustain above 24360 but managed to give a close just above 24250 which it was unable to do last week. 


Had mentioned in the previous post " 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 . "  , and we saw Bank Nifty make a high of 24311.10 just below our initial resistance zone of 24320 - 24340 today and reverse .  Now in the coming session Bank Nifty breaking and sustaining below 24190 can test 24130 - 24115 and on sustaining below it we can see a further test of 24060 - 24000 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24315 we can see a test of 24375 - 24390 initially and breaking and sustaining above it we can see a further move till 24445 - 24505 next . 


Bank Nifty Spot Levels for the day are

Long above 24315 for 24350 
– 24390 – 24505 , SL 24235

Short below 24190 for 24155 – 24110 – 24000 , SL 24270

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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.