Bank Nifty Outlook for 20th Oct

 In the previous session:  

Bank Nifty went up by 325 points then went down by 123 points before closing higher by 54 points on Wednesday.

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

On 19th Oct:

Bank Nifty triggered our long trade and almost completed 2 targets doing 170 points . 

For 20th Oct:

Sustaining above 40530 enter for 40630 - 40740 - 41040, SL 40420

Sustaining below 40210 enter for 40120 - 40000 - 39700, SL 40325

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 40643.60 completing our initial weekly targets of 40430 - 40580.

Now in the coming session Bank Nifty has immediate resistance at 40650 - 40700 zone and has to break and sustain above it for moving towards 41050 - 41300. On the downside Bank Nifty has immediate support at 40200 - 40100 zone and breaking and sustaining below it can move towards its support zone 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.