Bank Nifty Outlook for 18th Oct

 In the previous session:

Bank Nifty went up by 334 points before closing higher by 153 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 17th Oct:

Bank Nifty triggered our long trade by opening above our 2nd target and did not give a entry.

For 18th Oct:

Sustaining above 44515 can move towards 44580 - 44650 - 44850, SL 44440

Sustaining below 44305 can move towards 44240 - 44165 - 43970, SL 44380

In the Previous Week: 

Bank Nifty triggered our weekly short trade below 44120 and completed our initial weekly short targets till 43870 - 43800 with a low of 43796.75

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 44485 - 44605 to move towards its initial weekly long targets of 44940 - 45030. 

Closing above 45030 Bank Nifty may move towards its last weekly long targets of 45310 - 45620

On the downside:

Bank Nifty has to sustain and close below its weekly support at 44090 - 43970 to move towards initial weekly short targets of 43640 - 43550

Closing below 43550 Bank Nifty may move towards its last weekly short targets of 43270 - 42950

So far this week Bank Nifty has made a high of 44589.85 testing our weekly resistance zone of 44485 - 44605 and closed at 44409.50.

Now in the coming session Bank Nifty has to break and sustain above 44605 to move towards 44940 - 45030. On the downside Bank Nifty has to break and sustain below 44305 to move towards its immediate support at 44090 - 43970.

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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