Bank Nifty Outlook for 28th Sep

 In the previous session:  

Bank Nifty went up by 434 points then went down by 431 points before closing lower by 257 points on Tuesday.

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

On 27th Sep:

Bank Nifty triggered our long trade and almost completed 2 targets doing 200+points and took our TSL. Post that Bank Nifty reversed to trigger our short trade and again almost completed 2 targets doing 200+ points.

For 28th Sep:

Sustaining above 38540 enter for 38640 - 38770 - 39090, SL 38410

Sustaining below 38180 enter for 38080 - 37950 - 37630, SL 38310

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 39860 - 40060 for a move   towards initial long targets of 40590 - 40730. 

Sustaining or closing above 40730 Bank Nifty may move towards next long targets of 41190 - 41690

On the downside:

Bank Nifty has to sustain and close below its immediate support at 39230 - 39040 for a move towards initial short targets of 38500 - 38360. 

Sustaining or closing below 38360 Bank Nifty may move towards next short targets of 37910 - 37400

So far this week Bank Nifty made a low of 38184.90 breaking below our initial weekly support zone of 38500 - 38360 and closed at 38359.15

Now in the coming session Bank Nifty has immediate resistance at 39040 - 39230 and has to break and close above it for a further bounce. On the downside Bank Nifty has immediate support at 38500 - 38360 zone which it needs to break and sustain/close below for a further move towards its next weekly short target of 37910 - 37400.

 

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.