Monday 12 October 2020

Bank Nifty Outlook for 13th Oct

 In the previous session : 





Bank Nifty went up by 343 points then went up by 294 points before closinglower by 134 points on Monday as compared to its previous day's  close . 








Bank Nifty had made a life time high of 32613.10 on 30th December and has since then  corrected by 15822 points . 







On 12th Oct :



Bank Nifty triggered our long trade and did 205 points before taking our TSL. Post that Bank Nifty reversed to trigger our short trade and 157 points and again our TSL. Today Bank Nifty indicated indecisiveness in further move.

For 13th Oct :


Sustaining above 23850 enter for 23930 - 24025 - 24280 , SL 23755


Sustaining below 23575 enter for 23495 - 23400 - 23145 , SL 23670


Now for this week :

Bank Nifty has immediate resistance near 24075 - 24215 and above it next resistance near 24595 - 24695 zone


Bank Nifty has immediate support near 23620 - 23480 and below that next support near 23090 - 23000 zone

As mentioned above Bank Nifty today made a high of 24190.35 within our initial resistance zone and reversed to make a low of 23552.60 within our initial support zone. We can expect Bank Nifty to take some resistance at the mentioned levels in the coming days .

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .


Bank Nifty had made a low of 16116.25 on 24th March. 


Bank Nifty has made a high of 25232.60 on 31st Aug in the bounce from the fall till 16116.25  while Nifty has made a high of 12022.05 on 12th Oct from the lows of 7511 





How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 











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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. 

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