Bank Nifty Outlook for 01st Nov

  In the previous session:  

Bank Nifty went up by 363 points before closing higher by 317 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 31st Oct:

Bank Nifty triggered our long trade with a gap up above our 1st target and did another 100 points completing our 2nd target.

For 01st Nov:

Sustaining above 41440 enter for 41520 - 41620 - 41860, SL 41350

Sustaining below 41175 enter for 41095 - 41000 - 40760, SL 41270

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 41220 - 41370 for a move   towards initial long targets of 41760 - 41860. 

Sustaining or closing above 41860 Bank Nifty may move towards next long targets of 42200 - 42570

On the downside:

Bank Nifty has to sustain and close below its immediate support at 40760 - 40620 for a move towards initial short targets of 40220 - 40120. 

Sustaining or closing below 40120 Bank Nifty may move towards next short targets of 39780 - 39410

So far this week Bank Nifty has made a high of 41353.70 testing our weekly resistance zone of 41220 - 41370 and closed at 41307.90.

Now in the coming sessions Bank Nifty has to break and sustain above 41370 to move towards 41760 - 41860. On the downside Bank Nifty has immediate support at 41100 and breaking and sustaining below it can move towards 40760 - 40620.

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.