In the previous session:
Bank Nifty went down by 726 points before closing lower by 552 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 26th Oct:
Bank Nifty initially triggered our short trade and completed all targets doing 250 points and exceeded it by another 340 points
For 27th Oct:
Sustaining above 42375 can move towards 42430 - 42500 - 42670, SL 42310
In the Previous Week:
Bank Nifty triggered our weekly short trade below 43970 and completed our initial weekly short targets till 43640 - 43550 with a low of 43558.10 doing 400 points
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 43890 - 44000 to move towards its initial weekly long targets of 44280 - 44360.
Closing above 44360 Bank Nifty may move towards its last weekly long targets of 44600 - 44870
On the downside:
Bank Nifty has to sustain and close below its weekly support at 43550 - 43450 to move towards its initial weekly short targets of 43160 - 43090
Closing below 43090 Bank Nifty may move towards its last weekly short targets of 42850 - 42580
So far this week Bank Nifty triggered our weekly short trade and made a low of 42105.40 completing our last weekly short targets till 42850 - 42580 and exceeded it so far by 475 points
Now in the coming session Bank Nifty sustaining below 42185 can move towards 42000 - 41950. On the upside Bank Nifty has immediate resistance at 42375 and has to break and sustain above it for a move towards 42500 - 42700
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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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