Bank Nifty Outlook for 06th Oct

 In the previous session:

Bank Nifty went up by 428 points before closing higher by 249 points on Thursday

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 05th Oct:

Bank Nifty triggered our long trade with a gap up above our 1st target and almost reached our last target gaining further 200 points

For 06th Oct:

Sustaining above 44300 can move towards 44355 - 44420 - 44580, SL 44240

Sustaining below 44120 can move towards 44070 - 44000 - 43850, SL 44185

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 bounced to close at 44213.35. The cbsl for the weekly short triggered is 44490

Now in the coming session Bank Nifty has to break and sustain above 44300 to move towards 44400 - 44500. On the downside Bank Nifty has to break and sustain below  44120 to move towards 44000 - 43900. 

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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