Monday 31 May 2021

Bank Nifty Outlook for 01st Jun

 In the previous session : 

Bank Nifty went down by 211 points then went up by 443 points before closing higher by 385 points on Monday.


Bank Nifty made a new life time high of 37708.75 in this upmove from the lows of 16116.25 made on 24th March



On 31st May:

Bank Nifty initially triggered our short trade and took our stoploss . Post that Bank Nifty reversed to trigger our long trade and completed 2 targets doing 250 points 

For 01st Jun :

Sustaining above 35775 enter for 35875 - 35965 - 36325  , SL 35585


Sustaining below 35280 enter for 35180 - 35080 - 34730 , SL 35470


Now for this week :

Bank Nifty has immediate resistance near 35450 - 35640 and sustaining or closing above we can see a further move towards 36170 - 36310 zone

Bank Nifty has immediate support near 34830 - 34640 and sustaining or closing below that we can see a move towards 34110 - 33980 zone

So far this week Bank Nifty made a high of 35584.30 testing the initial weekly resistance and also closed within it . Now Bank Nifty has to sustain above 35640 for a move towards 36170 - 36310.

Now as long as Bank Nifty is closing above 34400 on dips we can see it bounce back. On the upside Bank Nifty can see some selling pressure near 35770 - 35800. 

 As mentioned for this month "On the upside Bank Nifty has strong resistance at 33580 - 34070 zone and it needs to give a consecutive close above it for further gains.", Bank Nifty made a high of 35584.30 on closing consecutively above 34070.

In the month of May Bank Nifty made a high of 35584.30 and made a low of  31906.55 .

Now in June Bank Nifty has to give a consecutive close above 36560 for a stronger upmove . On the downside Bank Nifty has to give a consecutive close below 34490 for a stronger correction. 

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 37708.75 on 16th Feb 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 15606.35  on 31st May 2021 from the lows of 7511 made on 24th March 2020.

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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. 

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