Friday, 13 October 2017

Bank Nifty Spot Outlook for 13th Oct

BANK NIFTY


Bank Nifty spot opened at 24151.45 ,made a low of 23978.40,  it made a high of 24393.40,  before closing at 24361.25

Had mentioned that long positions for the day can be taken above 24155 and short positions for the day can be taken below 24060 . Bank Nifty triggered our short trade initially and completed 2 targets and took our TSL .Bank Nifty then triggered our long 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 24393.40 after being unable to sustain below 24000 and also gave a borderline close just above 24360 .


Had mentioned in the previous post " 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 . "  , and we saw Bank Nifty first make a low of 23978.40 just above our next support zone of the day and  then reverse to break both our resistance for the day and also give a borderline confirmation just above our weekly longs  . Now in the coming session Bank Nifty breaking and sustaining below 24310  can test 24260 - 24245 and on sustaining below it we can see a further test of 24200 - 24155 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24410 we can see a test of 24460 - 24475 initially and breaking and sustaining above it we can see a further move till 24520 - 24570 next . 


Bank Nifty Spot Levels for the day are

Long above 24410 for 24440 
– 24475 – 24570 , SL 24345

Short below 24310 for 24280 – 24245 – 24155 , SL 24375

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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.