Bank Nifty Spot Outlook for 20th May

In the previous session : 

Bank Nifty went up by 602 points then went down 182 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 19th May :

Bank Nifty triggered our long trade with a gap up above the 2nd target and did not give a chance to enter . 

For 20th May  :

Sustaining above 17665 enter for 17775 - 17905 - 18245 , SL 17540

Sustaining below 17305 enter for 17195 - 17070 - 16725 , SL 17430

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%

Had mentioned in the previous post " Bank Nifty now has immediate resistance at 18200 - 18400 levels and sustaining / closing above it next resistance at 19150 - 19240 ." , and today we saw Bank Nifty make a high of 18175.30 and reversed by 750 points.

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 had triggered our monthly short trade and we have seen a dip till 17514.20 nearly testing our next targets on sustaining below 18515 and it did 2720 points . Bank Nifty is the weaker index at the moment.

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.