Bank Nifty Outlook for 13th Jan

 In the previous session : 

Bank Nifty went down by 273 points then went up by 399 points before closing higher by 340 points on Tuesday

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 12th Jan :

Bank Nifty initially triggered our short trade with a gap down and completed all targets doing 100 points. Post that Bank Nifty reversed to trigger our long trade and completed all targets doing 325 points. 

For 13th Jan :

Sustaining above 32415 enter for 32455 - 32510 - 32650 , SL 32360

Sustaining below 32265 enter for 32225 - 32170 - 31715 , SL 31980

Now for this week :

Bank Nifty has immediate resistance near 32210 - 32290 and above it next resistance near 32500 - 32555 zone

Bank Nifty has immediate support near 31960 - 31880 and below that next support near 31660 - 31610 zone

So far this week Bank Nifty has made a high of 32397.95 completing the initial weekly targets. Now sustaining above 32290 we can see a move towards 32500 - 32555 and also a test of its lifetime high .

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 32397.95 on 12th Jan 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 14590.65  on 12th 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.