Monday, 23 October 2017

Bank Nifty Spot Outlook for 24th Oct

BANK NIFTY


Bank Nifty spot opened at 24085.45 ,made a high of 24151 ,  it made a low of 23912.55,   before closing at 24088.90 . Though Nifty has been holding its ground we have not seen Bank Nifty do the same and unless Bank Nifty participates this upmove will lose its strength .

Had mentioned that long positions can be taken above 24095 for the day and short positions can be taken below 23925 .  Bank Nifty triggered our long trade and completed just 1 target . It also triggered our short trade but took the stoploss .Bank Nifty has been unable to move up strongly and Hdfc Bank result today might be the trigger for it to give a bigger move .


Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 23925  can test 23835 - 23815 and on sustaining below it we can see a further test of 23740 - 23655 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24095 we can see a test of 24180 - 24205 initially and breaking and sustaining above it we can see a further move till 24280 - 24365 next . " , and today Bank could give a strong move in either direction .


Now in the coming session Bank Nifty breaking and sustaining below 24005  can test 23915 - 23895 and on sustaining below it we can see a further correction till 23815 - 23735 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24175 we can see a test of 24265 - 24285 initially and breaking and sustaining above it we can see a further move till 24360 - 24445 next . 


Bank Nifty Spot Levels for the day are

Long above 24175 for 24225 
– 24285 – 24445 , SL 24065

Short below 24005 for 23955 – 23895 – 23735 , SL 24115

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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.