Bank Nifty Outlook for 08th Jan

 In the previous session : 

Bank Nifty went up by 380 points before closing higher by 158 points on Thursday

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 07th Jan :

Bank Nifty initially triggered our long trade with a gap up near our last long target and did not give a chance to trade.

For 08th Jan :

Sustaining above 32045 enter for 32100 - 32160 - 32330 , SL 31985

Sustaining below 31865 enter for 31815 - 31750 - 31585 , SL 31930

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 32177.40 breaking above the initial resistance zone and nearing the next resistance zone of  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 32177.40 on 07th Jan 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 14256.25  on 07th 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.