Bank Nifty Outlook for 06th Oct

 In the previous session:  

Bank Nifty went up by 1147 points before closing higher by 1080 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 04th Oct:

Bank Nifty triggered our long trade with a gap up above our 2nd target and went up further by 470 points. Had shared revised levels on telegram and we got a long trade based on it and 250 points. 

For 06th Oct:

Sustaining above 39390 enter for 39560 - 39770 - 40300, SL 39195

Sustaining below 38830 enter for 38660 - 38450 - 37920, SL 39025

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 39020 - 39260 for a move   towards initial long targets of 39920 - 40090. 

Sustaining or closing above 40090 Bank Nifty may move towards next long targets of 40660 - 41290

On the downside:

Bank Nifty has to sustain and close below its immediate support at 38240 - 38000 for a move towards initial short targets of 37340 - 37170. 

Sustaining or closing below 37170 Bank Nifty may move towards next short targets of 36600 - 35970

So far this week Bank Nifty made a low of 37963.25 breaking below our initial weekly support and post that bounced back to make a high of 39177.50 testing our weekly resistance zone and closed at 39110.05

Now in the coming session Bank Nifty sustaining above 39260 can move towards its initial weekly long targets of 39920 - 40090. On the downside Bank Nifty sustaining below 39000 can move towards its support at 38500 - 38350 . 

 

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.