Bank Nifty Outlook for 16th Oct

In the previous session : 

Bank Nifty went up by 213 points then went down by 903 points before closing lower by 802 points on Thursday 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 15th Oct :

Bank Nifty initially triggered our long trade and completed just 1 target and took our TSL.  Post that Bank Nifty reversed to trigger our short trade and  completed  all targets and exceeded it as it broke its weekly supports doing 774 points

For 16th Oct :

Sustaining above 23230 enter for 23325 - 23435 - 23730 , SL 23120

Sustaining below 22915 enter for 22820 - 22710 - 22415 , SL 23025

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 so far this week made a high of 24190.35 within our initial resistance zone and reversed to make a low of 22970.95 so far this week and closed just above the support zone. 

Now If it breaks and sustains below 23000 then we can see a further correction towards 22700 - 22350 zone. It has immediate resistance at 23480 - 23620 if it manages to sustain above 23100 and attempts to move up.

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.