Thursday 29 October 2020

Bank Nifty Outlook for 30th Oct

 In the previous session : 

Bank Nifty went down by 410 points then went up by 107 points before closing lower by 140  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 29th Oct :



Bank Nifty triggered our short trade with a gap down and  completed 2 targets .

For 30th Oct :


Sustaining above 24250 enter for 24350 - 24470 - 24770 , SL 24140


Sustaining below 23930 enter for 23830 - 23720 - 23420 , SL 24045


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 broke our immediate weekly support and made a low of 23822.05 retesting this weeks low as mentioned in the previous post.  In the coming sessions if it breaks below 24030 then we can see a retest of 23850 else holding above 24030 - 24200 zone we can see a move towards 24755 - 24930 .


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. 











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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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