Bank Nifty Outlook for 27th Oct

 In the previous session:  

Bank Nifty went up by 225 points then went down by 283 points before closing lower by 182 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 25th Oct:

Bank Nifty initially triggered our long trade and took our stoploss. Post that Bank Nifty reversed to trigger our short trade and completed just 1 target doing 100 points. 

For 27th Oct:

Sustaining above 41290 enter for 41395 - 41520 - 41840, SL 41175

Sustaining below 40950 enter for 40850 - 40730 - 40400, SL 41070

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 41070 - 41250 for a move   towards initial long targets of 41740 - 41870. 

Sustaining or closing above 41870 Bank Nifty may move towards next long targets of 42290 - 42750

On the downside:

Bank Nifty has to sustain and close below its immediate support at 40490 - 40320 for a move towards initial short targets of 39830 - 39700. 

Sustaining or closing below 39700 Bank Nifty may move towards next short targets of 39280 - 38820

 So far this week Bank Nifty made a high of 41530.65 breaking above our weekly resistance and closed at 41122.75.

Now in the coming session Bank Nifty has to sustain above 41070 to move towards its initial weekly targets of 41740 - 41870. On the downside Bank Nifty breaking and sustaining below 41000 can move towards its weekly support of 40490 - 40320.

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.