Wednesday 29 September 2021

Bank Nifty Outlook for 30th Sep

 In the previous session : 

Bank Nifty went down by 574 points before closing lower by 202 points on Wednesday.


Bank Nifty made a new life time high of 38377.25 in this upmove from the lows of 16116.25 made on 24th March


On 29th Sep :

Bank Nifty triggered our short trade with a gap down below our 1st target and completed 2 targets doing 225 points 

For 30th Sep :

Sustaining above 37900 enter for 38000 - 38105 - 38400 , SL 37790

Sustaining below 37585 enter for 37495 - 37380 - 37100 , SL 37695


Now for this week :

Bank Nifty has to break and sustain above 38115 - 38290 where it has its initial resistance for a further move towards 38770 - 38890 where it has its next resistance for the week 

Bank Nifty has to break and sustain below 37550 - 37370 where it has its initial support for a further move towards 36890 - 36770 where it has its next support for the week 

So far this week Bank Nifty made a high of 38377.25 breaking above our initial resistance zone but failed to close above it . Post that Bank Nifty corrected till 37315.20 testing our initial support zone and bounced back to close at 37945 . Now in the coming sessions Bank Nifty has to hold above 37300 on dips again for a bounce else breaking and sustaining below it we may see a move towards 36890 - 36770 . On the upside Bank Nifty has immediate resistance at 38115 - 38290 . 

In the month of August Bank Nifty made a high of 36552.80 after confirming our monthly long trade with a consecutive close above 35300 doing 1250 points 

As mentioned at the start of the month "Now for the month of September Bank Nifty has to give a consecutive close above 37220 for a further move on the upside. On the downside Bank Nifty has to give a consecutive close below 35630 for a further correction", and today Bank Nifty has now given a consecutive close above 37220 and also made a new lifetime high of 38112.75 which is within the initial target zone of 38050 - 38270. 

Bank Nifty needs to give a close above 38270 for a further move towards 38980 - 39770 else we may see a dip towards 37200 - 36900 zone.

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


Bank Nifty has now made a high of 38377.25 on 28th Sep 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 17947.65 on 23rd Sep 2021 from the lows of 7511 made on 24th March 2020.

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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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