Bank Nifty Outlook for 14th Jan

In the previous session : 

Bank Nifty went up by 345 points then went down by 191 points before closing higher by 235 points on Wednesday

Bank Nifty made a new life time high of 32683.50 in this upmove from the lows of 16116.25 made on 24th March

On 13th Jan :

Bank Nifty initially triggered our long trade with a gap up above our 2nd target and did not give a chance to trade. Post that Bank Nifty reversed to trigger our short trade and completed 2 targets doing 100 points before taking our TSL . 

For 14th Jan :

Sustaining above 32645 enter for 32690 - 32740 - 32875 , SL 32595

Sustaining below 32505 enter for 32460 - 32410 - 32275 , SL 32555

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 32683.50 completing the next weekly targets. Now it has to sustaining above 32555 for a further move towards 32740 - 32940. 

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 32683.50 on 14th Jan 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 14653.35  on 14th 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.