Bank Nifty Outlook for 07th Oct

 In the previous session:  

Bank Nifty went up by 498 points before closing higher by 172 points on Thursday.

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

On 06th Oct:

Bank Nifty triggered our long trade and completed just 1 target doing 200 points

For 07th Oct:

Sustaining above 39650 enter for 39800 - 39940 - 40480, SL 39370

Sustaining below 39000 enter for 38825 - 38625 - 38090, SL 39200

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 39608.35 testing our weekly resistance zone and closed at 39282.85

Now in the coming session Bank Nifty has to sustain above 39260 for a 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.