Bank Nifty Outlook for 10th Oct

 In the previous session:

Bank Nifty went down by 564 points before closing lower by 474 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 09th Oct:

Bank Nifty triggered our short trade with a gap down below our 2nd target and corrected by another by 125 points to complete all targets and extended the correction  further by 180 points

For 10th Oct:

Sustaining above 43990 can move towards 44050 - 44120 - 44310, SL 43920

Sustaining below 43785 can move towards 43725 - 43650 - 43460, SL 43855

In the Previous Week: 

Bank Nifty triggered our weekly short trade below 44260 and completed our initial weekly short targets till 43940 - 43850 with a low of 43857.50 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 44510 - 44600 to move towards its initial weekly long targets of 44860 - 44920. 

Closing above 44920 Bank Nifty may move towards its last weekly long targets of 45140 - 45380

On the downside:

Bank Nifty has to sustain and close below its weekly support at 44210 - 44120 to move towards initial weekly short targets of 43870 - 43800

Closing below 43800 Bank Nifty may move towards its last weekly short targets of 43590 - 43350

So far this week Bank Nifty made a low of 43796.75 breaking our weekly support zone of 44210 - 44120 and also completed our initial weekly short targets till 43870 - 43800 and closed at 43886.50 . The stoploss for the weekly short trade is now 44290.

Now in the coming session Bank Nifty has immediate resistance at 44120 - 44210. On the downside Bank Nifty breaking and sustaining below 43800 can move towards 43590 - 43350

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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