Tuesday 5 January 2021

Bank Nifty Outlook for 06th Jan

 In the previous session : 

Bank Nifty went down by 277 points then went up by 555 points before closing higher by 510 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 had  then corrected till 16116.25 points on 24th March


On 05th Jan :

Bank Nifty initially triggered our short trade with a gap down near our 2nd daily short target and did not give a chance to trade. Post that it reversed to trigger our long trade and completed all targets doing 450 points . 

For 06th Jan :

Sustaining above 31820 enter for 31880 - 31945 - 32130 , SL 31750

Sustaining below 31625 enter for 31565 - 31500 - 31315 , SL 31695

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 31767.65 testing the initial resistance zone . Now it needs to sustain above 31760 for a further move towards 32325 - 32470.

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 31767.65 on 05th Jan 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 14215.60  on 05th 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. 

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