Bank Nifty Outlook for 20th Oct

 In the previous session : 

Bank Nifty went up by 326 points then went down by 290 points before closing lower by 144 points on Tuesday.

Bank Nifty made a new life time high of 40011.15 in this upmove from the lows of 16116.25 made on 24th March

On 19th Oct :

Bank Nifty opened above our 2nd long target and did not give a chance to enter. Post that Bank Nifty reversed to trigger our short trade and completed 2 targets doing 200 points.

For 20th Oct :

Sustaining above 39650 enter for 39720 - 39800 - 40000 , SL 39575

Sustaining below 39430 enter for 39365 - 39285 - 39075 , SL 39505

Now for this week :

Bank Nifty has to break and sustain above 39505 - 39605 where it has its initial resistance for a further move towards 39885 - 39955 where it has its next resistance for the week 

Bank Nifty has to break and sustain below 39175 - 39075 where it has its initial support for a further move towards 38795 - 38725 where it has its next support for the week 

So far this week Bank Nifty made a high of 40011.15 completing our next weekly long targets and corrected by 600+ points to close within our initial target zone. Now Bank Nifty has to hold above 39390 for a bounce else breaking and sustaining below 39390 we may see a dip till 39175 - 39075 where it has next strong support.

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 40011.15 on 19th Oct 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18604.45 on 19th Oct 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.