Sunday 30 October 2022

Bank Nifty Outlook for 31st Oct

 In the previous session:  


Bank Nifty went up by 183 points then went down by 460 points before closing lower by 308 points on Friday.


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


On 28th Oct:

Bank Nifty triggered our long trade and took our stoploss. Post that Bank Nifty reversed to trigger our short trade and completed 2 targets and more doing 300 points.

For 31st Oct:

Sustaining above 41130 enter for 41220 - 41320 - 41590, SL 41030

Sustaining below 40850 enter for 40760 - 40660 - 40390, SL 40950


Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 41220 - 41370 for a move   towards initial long targets of 41760 - 41860

Sustaining or closing above 41860 Bank Nifty may move towards next long targets of 42200 - 42570

On the downside:

Bank Nifty has to sustain and close below its immediate support at 40760 - 40620 for a move towards initial short targets of 40220 - 40120. 

Sustaining or closing below 40120 Bank Nifty may move towards next short targets of 39780 - 39410

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.

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.                              


To receive this post daily in your inbox, kindly register by adding your email id in 6 the 'Subscribe to my posts' section on the top right side of the blog.


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.

No comments:

Post a Comment