In the previous session:
Bank Nifty went up by 176 points before closing higher by 82 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 12th Oct:
Bank Nifty triggered our long trade but did not complete any target
For 13th Oct:
Sustaining above 44720 can move towards 44790 - 44875 - 45100, SL 44635
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 had 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 in the previous session it took our weekly short stoploss by closing above 44290. Today Bank Nifty closed at 44599.20 almost borderline at our weekly long confirmation.
Now in the coming session Bank Nifty has immediate resistance at 44600 and has to sustain/close above it for a move towards 44860 - 44920. On the downside Bank Nifty has immediate support at 44210 - 44120 and has to break and sustain below it for a move towards 43900 - 43800.
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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
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