Bank Nifty Outlook for 19th Oct

  In the previous session:  

Bank Nifty went up by 515 points before closing higher by 398 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 18th Oct:

Bank Nifty triggered our long trade with a gap up above our 1st target and went up further by 200 points completing our 2nd target . 

For 19th Oct:

Sustaining above 40480 enter for 40570 - 40690 - 40980, SL 40365

Sustaining below 40160 enter for 40070 - 39950 - 39650, SL 40270

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 40435.35 testing our initial weekly target zone of 40430 - 40580.

Now in the coming session Bank Nifty sustaining above 39850 can move towards our initial weekly targets of 40430 - 40580 and it has to sustain above 40580 for a further move towards next weekly targets. On the downside Bank Nifty sustaining below 40000 has immediate support at 39850 - 39650.

 

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.