Bank Nifty Outlook for 05th Jan

 In the previous session : 

Bank Nifty went up by 264 points then went down by 332 points before closing lower by 13 points on Monday as compared to its previous day's  close . 

Bank Nifty had made a life time high of 32613.10 on 30th December and had  then corrected till 16116.25 points on 24th March

On 04th Jan :

Bank Nifty initially triggered our long trade and took our stoploss without completing any target. Post that Bank Nifty reversed to trigger our short trade and again took our stoploss without completing any target indicating indecisiveness on the next move . 

For 05th Jan :

Sustaining above 31300 enter for 31355 - 31415 - 31580 , SL 31240

Sustaining below 31125 enter for 31070 - 31010 - 30850 , SL 31185

Now for this week :

Bank Nifty has immediate resistance near 31555 - 31760 and above it next resistance near 32325 - 32470 zone

Bank Nifty has immediate support near 30895 - 30690 and below that next support near 30130 - 29985 zone

So far this week Bank Nifty has made a high of 31489.60 coming close to the initial resistance zone .

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

Bank Nifty has now made a high of 31510.25 on 30th Dec in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 14049.85  on 01st Jan 2021 from the lows of 7511 made on 24th March 2020.

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.