Bank Nifty Outlook for 20th Jan

In the previous session : 

Bank Nifty went up by 653 points before closing higher by 613 points on Tuesday

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 19th Jan :

Bank Nifty initially triggered our long trade with a gap up above our 2nd target and completed all targets and more doing 400 points 

For 20th Jan :

Sustaining above 32540 enter for 32615 - 32695 - 32915 , SL 32460

Sustaining below 32310 enter for 32235 - 32155 - 31935 , SL 32390

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 . In the next session it failed to sustain or close below 31720 for a further move towards 31510 - 31285 and we saw a bounce till 32465 testing our immediate resistance zone of 32390 - 32475.

Now Bank Nifty needs to sustain or close above 32475 for a further move towards 32715 - 32775 from where we may see selling resume again.

 

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.