In the previous session:
Bank Nifty went down by 330 points then went up by 170 points before closing lower by 134 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 19th Oct:
Bank Nifty triggered our short trade with a big gap down at our 2nd target and did not give a chance to trade
For 20th Oct:
Sustaining above 43870 can move towards 43940 - 44030 - 44240, SL 43790
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 today made a low of 43588.10 almost completing our initial weekly short targets after triggering our weekly short trade in the previous session and closed today at 43754.50. The cbsl for the weekly short trade is 44190
Now in the coming session Bank Nifty has immediate support at 43640 - 43550 and has to break and sustain below it for a further dip towards 43270 - 42950. On the upside Bank Nifty sustaining above 43870 has immediate resistance at 44030 - 44100
In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".
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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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