Bank Nifty Outlook for 18th Oct

  In the previous session:  

Bank Nifty went down by 158 points then went up by 669 points before closing higher by 615 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 17th Oct:

Bank Nifty triggered our long trade and did 450+ points. 

For 18th Oct:

Sustaining above 40115 enter for 40235 - 40380 - 40740, SL 39980

Sustaining below 39725 enter for 39605 - 39460 - 39100, SL 39860

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 39650 - 39850 for a move   towards initial long targets of 40430 - 40580. 

Sustaining or closing above 40580 Bank Nifty may move towards next long targets of 41070 - 41620

On the downside:

Bank Nifty has to sustain and close below its immediate support at 38970 - 38760 for a move towards initial short targets of 38180 - 38030. 

Sustaining or closing below 38030 Bank Nifty may move towards next short targets of 37540 - 36990

So far this week Bank Nifty made a low of 39146.70 and bounced back to make a high of 39974.70 breaking above our weekly resistance and closed at 39920.45.

Now in the coming session Bank Nifty sustaining above 39850 can move towards our initial weekly targets of 40430 - 40580. On the downside immediate support is at 39650 and on sustaining below it next at 39250 - 39150.

 

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.