Bank Nifty Spot Outlook for 30th Oct

BANK NIFTY

Bank Nifty spot opened at 24887.60 ,made a high of 24995.70 ,  it made a low of 24798.65,   before closing at 24839.55 . Bank Nifty has been moving sideways after the big move on the news of recapitalization of PSU banks .

Had mentioned that long positions can be taken above 25150 for the day and short positions can be taken below 24895 .  Bank Nifty triggered our short trade and completed just 1 target for the day . Bank Nifty had earlier confirmed our long trade last week and  completed all our weekly long targets giving around 800 points from the weekly long trade.

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 24895  can test 24760 - 24730 and on sustaining below it we can see a further test of 24615 - 24485 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25150 we can see a test of 25285 - 25315 initially and breaking and sustaining above it we can see a further move till 25430 - 25560 next . " , and today Bank Nifty made a low of 24798.65 well above our initial support zone of 24760 - 24730 . 

Now in the coming session Bank Nifty breaking and sustaining below 24715 can test 24585 - 24550 and on sustaining below it we can see a further correction till 24440 - 24315 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24965 we can see a test of 25095 - 25125 initially and breaking and sustaining above it we can see a further move till 25240 - 25365 next . 

Bank Nifty Spot Levels for the day are

Long above 24965 for 25040 – 25125 – 25365 , SL 24800

Short below 24715 for 24640 – 24550 – 24315 , SL 24880

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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.