Thursday 7 October 2021

Bank Nifty Outlook for 08th Oct

 In the previous session : 

Bank Nifty went up by 402 points before closing higher by 231 points on Thursday.


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 07th Oct :

Bank Nifty triggered our long trade with a big gap up above our last target and did not give a chance to trade . 

For 08th Oct :

Sustaining above 37855 enter for 37915 - 37985 - 38175 , SL 37785

Sustaining below 37655 enter for 37595 - 37520 - 37335 , SL 37725


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 and in the next session again bounced back to 37900+ . Now in the coming session Bank Nifty on breaking and sustaining above 37955 - 38055 can move towards 38370 - 38700 where the weekly targets would be done. On the downside Bank Nifty has immediate support at 37440 - 37580 on corrections.  

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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