Bank Nifty Outlook for 07th Oct

 In the previous session : 

Bank Nifty went up by 365 points then went down by 289 points before closing lower by 219 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 06th Oct :

Bank Nifty initially triggered our long trade and completed 2 targets doing 175 points and took our TSL. Post that Bank Nifty triggered our short trade and nearly completed 2 targets doing 150 points . 

For 07th Oct :

Sustaining above 37615 enter for 37675 - 37740 - 37920 , SL 37550

Sustaining below 37425 enter for 37370 - 37300 - 37125 , SL 37495

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 38106.85 completing the move till 37955 - 38055 which was expected on sustaining above 37585 . Post that Bank Nifty reversed sharply to make a low of 37452 . Now in the coming session Bank Nifty on breaking and sustaining below 37420 we may see it correct towards 37300 - 37250 where it has immediate support and we may see a bounce but on sustaining below it we may see a further move towards 37000 - 36850 . 

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.