Monday 30 October 2023

Bank Nifty Outlook for 31st Oct

 In the previous session:

Bank Nifty went down by 391 points then went up by 330 points before closing higher by 257 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 30th Oct:

Bank Nifty initially triggered our short trade and completed 2 targets doing 170 points and took our trailing stoploss. Post that Bank Nifty reversed to trigger our long trade and again completed 2 targets doing 170 points

For 31st Oct:

Sustaining above 43180 can move towards 43265 - 43365 - 43630, SL 43080

Sustaining below 42900 can move towards 42815 - 42715 - 42450, SL 43000

In the Previous Week: 

Bank Nifty triggered our weekly short trade below 43450 and completed all targets till 42580 with a low of 42105 by exceeding our expected targets by 475 points

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 42995 - 43125 to move towards its initial weekly long targets of 43485 - 43580. 

Closing above 43580 Bank Nifty may move towards its last weekly long targets of 43890 - 44230

On the downside:

Bank Nifty has to sustain and close below its weekly support at 42570 - 42440 to move towards its initial weekly short targets of 42075 - 41985

Closing below 41985 Bank Nifty may move towards its last weekly short targets of 41675 - 41335

So far this week Bank Nifty has made a low of 42390 breaking our weekly support at 42570 - 42440 and bounced back sharply to make a high of 43112.50 testing our weekly resistance zone at 42995 - 43125.

Now in the coming session Bank Nifty has to break and sustain above 43125 to move towards our initial weekly long targets of 43485 - 43580 and on failing to do so can retest our weekly support. On the downside Bank Nifty has to break and sustain/close below 42440 to move towards its initial weekly short targets of 42075 - 41985


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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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