Sunday, 31 May 2020

Bank Nifty Spot Outlook for 01st Jun

In the previous session : 

Bank Nifty went down by 440 points then went up by 188 points before closing higher by 127 points on Friday as compared to its previous day's  close . 

Bank Nifty had made a life time high of 32613.10 on 30th December and has since then  corrected by 15822 points . 

On 29th May :

Bank Nifty triggered our short trade and did 175 points before taking our TSL. 

For 01st Jun :

Sustaining above 19565 enter for 19725 - 19910 - 20415 , SL 19375

Sustaining below 19030 enter for 18870 - 18685 - 18180 , SL 19215

Bank Nifty now has its next resistance near 19430 - 20235 zone. 

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

Bank Nifty had made a low of 16116.25 on 24th March. 

Bank Nifty has made a high of 21967 in the bounce from 16116.25 retracing 36.30 % of the fall while Nifty has made a high of 9889.05 from the lows of 7511 retracing 31.66%

How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

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Disclaimer : These are my personal views and one should do their own research 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 decisions.

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