Bank Nifty Outlook for 29th Jan

 In the previous session : 

Bank Nifty went down by 596 points then went up by 180 points before closing higher by 73 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 28th Jan :

Bank Nifty triggered our short trade and nearly completed all target doing 400 points

For 29th Jan :

Sustaining above 30540 enter for 30650 - 30775 - 31120 , SL 30410

Sustaining below 30180 enter for 30070 - 29940 - 29600 , SL 30305

Now for this week :

Bank Nifty has immediate resistance near 31450 - 31625 and sustaining or closing above we can see a further move towards 32105 - 32225 zone

Bank Nifty has immediate support near 30885 - 30710 and sustaining or closing below that we can see a move towards 30230 - 30105 zone

So far this week Bank Nifty has made a high of 31697.55 breaking above our immediate resistance but failed to sustain. 

Bank Nifty then sustaining below 30710 we were expecting to see a correction towards 30230 - 30105 zone and below 30105 a further correction towards 29695 - 29250 zone, and Bank Nifty made a low of 29687.70 testing our next targets. 

Now as long as Bank Nifty holds above 29695 - 29250 on dips and manages to break and sustain above 30230 we can see a bounce towards 30710 - 30885 .

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. 

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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.