Bank Nifty Outlook for 11th Oct

 In the previous session:  

Bank Nifty went down by 660 points then went up by 137 points before closing lower by 85 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 10th Oct:

Bank Nifty triggered our short trade with a big gap down near our 2nd target. Had shared revised levels on telegram and we got a long trade with 400 points. 

For 11th Oct:

Sustaining above 39320 enter for 39450 - 39620 - 40040, SL 39160

Sustaining below 38870 enter for 38730 - 38570 - 38150, SL 39025

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 39590 - 39850 for a move   towards initial long targets of 40560 - 40740. 

Sustaining or closing above 40740 Bank Nifty may move towards next long targets of 41350 - 42000

On the downside:

Bank Nifty has to sustain and close below its immediate support at 38760 - 38500 for a move towards initial short targets of 37800 - 37610. 

Sustaining or closing below 37610 Bank Nifty may move towards next short targets of 37000 - 36340

So far this week Bank Nifty made a low of 38518.30 testing our weekly support zone and bounce back till 39315.70 and closed at 39093.10

Now in the coming session Bank Nifty sustaining above 39320 has immediate resistance at 39590 - 39850. On the downside Bank Nifty has immediate support at 38760 - 38500.

 

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.

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.                              

To receive this post daily in your inbox, kindly register by adding your email id in 6 the 'Subscribe to my posts' section on the top right side of the blog.

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.