Bank Nifty Outlook for 29th Sep

 In the previous session:  

Bank Nifty went up by 9 points then went down by 733 points before closing lower by 599 points on Wednesday.

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

On 28th Sep:

Bank Nifty triggered our short trade and completed all targets doing 550 points

For 29th Sep:

Sustaining above 37940 enter for 38040 - 38160 - 38490, SL 37810

Sustaining below 37580 enter for 37480 - 37360 - 37030, SL 37710

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 37626.20 almost completing our last weekly short targets of 37910 - 37400 and closed at 37759.85

Now in the coming session Bank Nifty sustaining above 37910 has immediate resistance at 38360 - 38500 and has to break and close above it for a further bounce. On the downside Bank Nifty sustaining below 37910 can move towards 37400 to complete our last weekly short target and below it can correct further towards 37050. 

 

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.