Monday 4 October 2021

Bank Nifty Outlook for 05th Oct

In the previous session : 

Bank Nifty went up by 445 points before closing higher by 354 points on Monday.


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 04th Oct :

Bank Nifty triggered our long trade and completed 2 targets and more doing 310 points 

For 05th Oct :

Sustaining above 37725 enter for 37810 - 37910 - 38180 , SL 37620

Sustaining below 37435 enter for 37350 - 37250 - 36980 , SL 37535


Now for this week :

Bank Nifty has to break and sustain above 37445 - 37585 where it has its initial resistance for a further move towards 37955 - 38055 where it has its next resistance for the week 

Bank Nifty has to break and sustain below 37000 - 36870 where it has its initial support for a further move towards 36495 - 36400 where it has its next support for the week 

So far this week Bank Nifty made a high of 37670.70 breaking above our initial resistance zone and closed in it. Now in the coming session Bank Nifty has to hold above 37350 on dips to give a bounce and it needs to sustain above 37585 for a move towards 37955 - 38055 . Breaking and sustaining below 37300 we may see it correct towards 37000 - 36870 where it has its initial support for the week.

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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