Tuesday 12 May 2020

Bank Nifty Spot Outlook for 13th May

In the previous session : 



Bank Nifty went down by 664 points then went down by 43 points before closing lower by 87 points on Tuesday 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 12th May :


Bank Nifty triggered our short trade and did 400+ points completing 2 targets before taking our TSL .



For 13th May  :

Sustaining above 19095 enter for 19235- 19395 - 19835 , SL 18935


Sustaining below 18630 enter for 18490 - 18330 - 17890 , SL 18790

Look at the SGX Nifty we might open near our last . Will update fresh levels as per open and post it in the telegram channel.


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%


Bank Nifty now has immediate resistance near 20650 - 20990 and needs to sustain / close above it for a further upmove 

Had mentioned in the previous post "Bank Nifty needs to sustain above 18930 on dips this week for a bounce to be expected , breaking and sustaining below it we can see a move towards 18250 -18050" , today Bank Nifty made a low of 18287 sustaining below 18930.


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. 




For this month :


  • Bank Nifty longs will get confirmed with a consecutive close above 22835 for a initial target of 24210 - 24560 and sustaining / closing above 24560 we can see a further move till 25740 - 27040 .  

  • Bank Nifty shorts will get confirmed with a consecutive close below 20235 for  a initial target of 18860 - 18515 and sustaining / closing below 18515 we can see a further move till 17330 - 16030.

Bank Nifty has triggered our monthly short trade and we have seen a dip till 18287 completing our initial targets and doing 1948 points . Those who were short should have booked and exited . 



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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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