Bank Nifty Outlook for 16th Sep

  In the previous session:  

Bank Nifty went up by 435 points then went down by 252 points before closing lower by 196 points on Thursday.

Bank Nifty made a new lifetime high of 41829.60 in this upmove from the lows of 16116.25 made on 24th March

On 15th Sep:

Bank Nifty initially triggered our long trade and almost completed all targets doing 300+ points. Post that Bank Nifty reversed to trigger our short trade and almost completed 2 targets doing 125+ points. 

For 16th Sep:

Sustaining above 41340 enter for 41410 - 41500 - 41730, SL 41250

Sustaining below 41080 enter for 41000 - 40920 - 40690, SL 41170

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 40770 - 41000 for a move   towards initial long targets of 41600 - 41760. 

Sustaining or closing above 41760 Bank Nifty may move towards next long targets of 42290 - 42860

On the downside:

Bank Nifty has to sustain and close below its immediate support at 40060 - 39830 for a move towards initial short targets of 39220 - 39070. 

Sustaining or closing below 39070 Bank Nifty may move towards next short targets of 38540 - 37970

So far this week Bank Nifty made a low of 40288.90 and bounced back to make a high of 41840.15 completing our initial weekly long targets and closed at 41209.20. Now in the coming session Bank Nifty has immediate resistance at 41500 - 41700 zone. On the downside Bank Nifty breaking and sustaining below 41000 can move towards 40750 - 40450 

In case 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 41829.60 on 25th 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.