Bank Nifty Outlook for 22nd Jan

  In the previous session : 

Bank Nifty went up by 298 points then went down by 558 points before closing lower by 357 points on Thursday

Bank Nifty made a new life time high of 32842.30 in this upmove from the lows of 16116.25 made on 24th March

On 21st Jan :

Bank Nifty triggered our long trade with a gap up above our 1st target and the 2nd target and took our TSL. Post that Bank Nifty reversed to trigger our short trade and completed all short targets doing 440 points. 

For 22nd Jan :

Sustaining above 32310 enter for 32390 - 32480 - 32715 , SL 32225

Sustaining below 32060 enter for 31985 - 31895 - 31660 , SL 32150

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 now we saw a bounce till 32842.30 completing our long targets.

Now Bank Nifty needs to sustain or close above 32775 for a further move towards 32980 - 33200. Similarly sustaining below 32020 we can see a correction towards 31780 - 31720

 

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 32842.30 on 21st Jan 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 14753.55  on 21st 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. 

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.