simplytradestocks : October 2023

Tuesday 31 October 2023

Bank Nifty Outlook for 01st Nov

In the previous session:

Bank Nifty went up by 317 points then went down by 242 points before closing lower by 193 points on Tuesday

Bank Nifty made a new lifetime high of 46369.50 on 21st Jul 2023 from the lows of 16116.25 made on 24th March 2020

On 31st Oct:

Bank Nifty initially triggered our long trade with a gap up near our 2nd target and did not give a trade and took our stoploss. Post that Bank Nifty triggered our short trade and completed just 1 target doing 100 points

For 01st Nov:

Sustaining above 42980 can move towards 43060 - 43160 - 43410, SL 42885

Sustaining below 42710 can move towards 42630 - 42535 - 42280, SL 42805

In the Previous Week:

Bank Nifty triggered our weekly short trade below 43450 and completed all targets till 42580 with a low of 42105 by exceeding our expected targets by 475 points

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 42995 - 43125 to move towards its initial weekly long targets of 43485 - 43580.

Closing above 43580 Bank Nifty may move towards its last weekly long targets of 43890 - 44230

On the downside:

Bank Nifty has to sustain and close below its weekly support at 42570 - 42440 to move towards its initial weekly short targets of 42075 - 41985

Closing below 41985 Bank Nifty may move towards its last weekly short targets of 41675 - 41335

So far this week Bank Nifty has made a low of 42390 breaking our weekly support at 42570 - 42440 and bounced back sharply to make a high of 43356.85 breaking our weekly resistance zone at 42995 - 43125 but could not sustain and corrected immediately closing at 42845.95.

Now in the coming session Bank Nifty has to break and sustain/close above 43125 to move towards our initial weekly long targets of 43485 - 43580. On the downside Bank Nifty has immediate support at 42570 - 42440 and has to break and sustain/close below 42440 to move towards its initial weekly short targets of 42075 - 41985

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

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

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Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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 decision

Nifty Outlook for 01st Nov

In the previous session:

Nifty went up by 92 points then went down by 84 points before closing lower by 61 points on Tuesday

Nifty made a new lifetime high of 20222.45 on 15th Sep 2023 from the lows of 7511.10 made on 24th March 2020

On 31st Oct:

Nifty initially triggered our long trade with a gap up near our 1st target and then took our stoploss. Post that Nifty went on to trigger our short trade but did not complete any target

For 01st Nov:

Sustaining above 19135 can move towards 19165 - 19205 - 19305, SL 19095

Sustaining below 19025 can move towards 18995 - 18950 - 18850, SL 19065

In the Previous Week:

Nifty triggered our weekly short trade below 19445 and made a low of 18837.85 completing all our short targets till 19140 and exceeding it further by 300 points

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 19135 - 19190 to move towards its initial weekly long targets of 19340 - 19380

Closing above 19380 Nifty may move towards its last weekly long targets of 19505 - 19650

On the downside:

Nifty has to sustain and close below its weekly support at 18960 - 18905 to move towards its initial weekly short targets of 18755 - 18715

Closing below 18715 Nifty may move towards its last weekly short targets of 18590 - 18445

So far this week Nifty has made a low of 18940 testing our weekly support zone and bounced back to make a high of 19233.70 breaking our weekly resistance zone but could not sustain and corrected immediately.

Now in the coming session Nifty has immediate resistance at 19135 - 19190 and has to break and sustain/close above it to move towards its initial weekly long targets of 19340 - 19380. On the downside Nifty has to break and sustain/close below 18905 to move towards its initial weekly short targets of 18755 - 18715.

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

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 the 'Subscribe to my posts' section on the top right side of the blog.

Monday 30 October 2023

Bank Nifty Outlook for 31st Oct

In the previous session:

Bank Nifty went down by 391 points then went up by 330 points before closing higher by 257 points on Monday

Bank Nifty made a new lifetime high of 46369.50 on 21st Jul 2023 from the lows of 16116.25 made on 24th March 2020

On 30th Oct:

Bank Nifty initially triggered our short trade and completed 2 targets doing 170 points and took our trailing stoploss. Post that Bank Nifty reversed to trigger our long trade and again completed 2 targets doing 170 points

For 31st Oct:

Sustaining above 43180 can move towards 43265 - 43365 - 43630, SL 43080

Sustaining below 42900 can move towards 42815 - 42715 - 42450, SL 43000

In the Previous Week:

Bank Nifty triggered our weekly short trade below 43450 and completed all targets till 42580 with a low of 42105 by exceeding our expected targets by 475 points

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 42995 - 43125 to move towards its initial weekly long targets of 43485 - 43580.

Closing above 43580 Bank Nifty may move towards its last weekly long targets of 43890 - 44230

On the downside:

Bank Nifty has to sustain and close below its weekly support at 42570 - 42440 to move towards its initial weekly short targets of 42075 - 41985

Closing below 41985 Bank Nifty may move towards its last weekly short targets of 41675 - 41335

So far this week Bank Nifty has made a low of 42390 breaking our weekly support at 42570 - 42440 and bounced back sharply to make a high of 43112.50 testing our weekly resistance zone at 42995 - 43125.

Now in the coming session Bank Nifty has to break and sustain above 43125 to move towards our initial weekly long targets of 43485 - 43580 and on failing to do so can retest our weekly support. On the downside Bank Nifty has to break and sustain/close below 42440 to move towards its initial weekly short targets of 42075 - 41985

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

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 the 'Subscribe to my posts' section on the top right side of the blog.