Bank Nifty Outlook for 29th Oct

  In the previous session : 

Bank Nifty went up by 11 points then went down by 711 points before closing lower by 537  points on Wednesday 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 28th Oct :

Bank Nifty triggered our short trade and nearly completed all targets doing  500 points.

For 29th Oct :

Sustaining above 24400 enter for 24500 - 24615 - 24930 , SL 24280

Sustaining below 24065 enter for 23965 - 23850 - 23535 , SL 24185

Now for this week :

Bank Nifty has immediate resistance near 24755 - 24930 and above it next resistance near 25400 - 25520 zone

Bank Nifty has immediate support near 24200 - 24030 and below that next support near 23555- 23435 zone

Bank Nifty had broken our immediate weekly support and made a low of 23867.75 so far this week. In the coming sessions if it breaks below 24030 then we can see a retest of this weeks low and below it a move towards the next support zone of 23555 - 23435. If it holds above 24200 then it can once again move towards 24755 - 24930 levels. 

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 12025.45 on 15th 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. 

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.