Wednesday, 25 October 2017

Bank Nifty Spot Outlook for 26th Oct

BANK NIFTY


Bank Nifty spot opened at 24980.65 ,made a low of 24560.75 ,  it made a high of 24157.80,   before closing at 25035.90 . Today Bank Nifty finally participated with PSU banks rallying based on the announcement made yesterday .  .

Had mentioned that long positions can be taken above 24310 for the day and short positions can be taken below 24135 .  Bank Nifty opened with a big gap up over our last long target for the day . Bank Nifty had triggered our weekly longs in the previous session and today completed all our weekly long targets giving around 800 points from the weekly long trade . Had mentioned in the previous post that above 24460 - 24525 we can expect a bigger move and we got it today.

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 24135  can test 24045 - 24025 and on sustaining below it we can see a further test of 23945 - 23860 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24310 we can see a test of 24400 - 24420 initially and breaking and sustaining above it we can see a further move till 24500 - 24585 next . " , and today Bank made a high of 25035.90  as it sustained above 24500 - 24585 levels .


Now in the coming session Bank Nifty breaking and sustaining below 24905 can test 24770 - 24740 and on sustaining below it we can see a further correction till 24625 - 24495 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25165 we can see a test of 25300 - 25335 initially and breaking and sustaining above it we can see a further move till 25450 - 25575 next . 


Bank Nifty Spot Levels for the day are

Long above 25165 for 25245 
– 25335 – 25575 , SL 24995

Short below 24905 for 24830 – 24740 – 24495 , SL 25075

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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.