Bank Nifty Outlook for 19th Jan

 In the previous session : 

Bank Nifty went up by 195 points then went down by 595 points before closing lower by 435 points on Monday

Bank Nifty made a new life time high of 32718.95 in this upmove from the lows of 16116.25 made on 24th March

On 18th Jan :

Bank Nifty initially triggered our long trade and completed 2 targets and took our TSL . Post that it triggered our short trade and completed all targets and more doing 500 points. 

For 19th Jan :

Sustaining above 31900 enter for 31955 - 32020 - 32185 , SL 31840

Sustaining below 31720 enter for 31670 - 31600 - 31440 , SL 31785

Now for this week :

Bank Nifty has immediate resistance near 32390 - 32475 and sustaining or closing above we can see a further move towards 32715 - 32775 zone

Bank Nifty has immediate support near 32105 - 32020 and sustaining or closing below that we can see a move towards 31780 - 31720 zone

So far this week Bank Nifty has made a low of 31650 completing all our immediate short targets below 32105 . Now it needs to sustain or close below 31720 for a further move towards 31510 - 31285 and failing to do so we can see a bounce towards 32000 - 32100 from where we can see selling resume again

Those who are buying the dips should keep a cbsl of 31680 for their long positions

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 32718.95 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 13th 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.