Bank Nifty Outlook for 14th Oct

 In the previous session:  

Bank Nifty went down by 680 points before closing lower by 495 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 13th Oct:

Bank Nifty triggered our short trade and completed 2 targets and more doing 450 points. 

For 14th Oct:

Sustaining above 38850 enter for 38980 - 39140 - 39560, SL 38690

Sustaining below 38400 enter for 38270 - 38110 - 37690, SL 38560

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 38437.95 breaking below our weekly support zone and recovered to close at 38624

Now in the coming session Bank Nifty breaking and sustaining below 38500 can move towards 37800 - 37610. On the upside Bank Nifty has immediate resistance 38850 and sustaining above it can move towards 39150 - 39250 zone.

 

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.