Bank Nifty Outlook for 20th Sep

 In the previous session:  

Bank Nifty went down by 267 points then went up by 407 points before closing higher by 127 points on Monday.

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

On 19th Sep:

Bank Nifty initially triggered our short trade and completed just 1 target doing 100 points and took our TSL. Post that Bank Nifty reversed to trigger our long trade and completed 2 targets and more doing 250+ points.  

For 20th Sep:

Sustaining above 41040 enter for 41125 - 41220 - 41480, SL 40940

Sustaining below 40770 enter for 40685 - 40580 - 40330, SL 40870

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 41110 - 41150 for a move   towards initial long targets of 41540 - 41640. 

Sustaining or closing above 41640 Bank Nifty may move towards next long targets of 41980 - 42350

On the downside:

Bank Nifty has to sustain and close below its immediate support at 40550 - 40400 for a move towards initial short targets of 40000 - 39900. 

Sustaining or closing below 39900 Bank Nifty may move towards next short targets of 39575 - 39205

So far this week Bank Nifty has made a low of 40509.90 testing our weekly initial support zone of 40550 - 40400 and bounced back to make a high of 41184.25 testing our weekly initial resistance zone of 41100 - 41150 and close at 40904.40

Now in the coming session Bank Nifty has to break and sustain above 41200 for a move towards 41540 - 41640. On the downside Bank Nifty has immediate support at 40400 and has to break and sustain below it for a move towards 40000 - 39900.

 

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 41840.15 on 15th Sep 2022 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.