Bank Nifty Outlook for 05th Oct

 In the previous session:

Bank Nifty went down by 541 points before closing lower by 435 points on Wednesday

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 04th Oct:

Bank Nifty triggered our short trade with a gap down near our 2nd target and completed all targets still doing 200 points and exceeded it by 40 points.

For 05th Oct:

Sustaining above 44075 can move towards 44140 - 44225 - 44430, SL 44000

Sustaining below 43850 can move towards 43785 - 43700 - 43500, SL 43930

In the Previous Week: 

Bank Nifty traded sideways mostly between our weekly long and short trigger zone

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 44780 - 44900 to move towards its initial weekly long targets of 45240 - 45320. 

Closing above 45320 Bank Nifty may move towards its last weekly long targets of 45610 - 45920

On the downside:

Bank Nifty has to sustain and close below its weekly support at 44390 - 44260 to move towards initial weekly short targets of 43940 - 43850

Closing below 43850 Bank Nifty may move towards its last weekly short targets of 43560 - 43250

So far this week Bank Nifty has made a low of 43857.50 completing our initial weekly short targets till 43940 - 43850 on sustaining below 44260 and today closed at 43964.05

Now in the coming session Bank Nifty has to break and sustain/close below 43850 to move towards its last weekly short targets of 43560 - 43250. On the upside Bank Nifty has immediate resistance at 44080 - 44140 and has to break and sustain above it for a move towards 44260 - 44390

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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