Monday 3 May 2021

Bank Nifty Outlook for 03rd May

 In the previous session : 

Bank Nifty went down by 1051 points before closing lower by 933 points on Friday.


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 30th Apr:

Bank Nifty triggered our short trade and completed all targets doing 840 points .


For 03rd May :

Sustaining above 33020 enter for 33160 - 33330 - 33770 , SL 32855


Sustaining below 32540 enter for 32400 - 32230 - 31790 , SL 32710


Now for this week :

Bank Nifty has immediate resistance near 33165 - 33405 and sustaining or closing above we can see a further move towards 34060 - 34230 zone

Bank Nifty has immediate support near 32400 - 32160 and sustaining or closing below that we can see a move towards 31500 - 31330 zone

Now Bank Nifty has strong support on the downside at 31990 - 31490 and it needs to give a consecutive close below for further declines .  On the upside Bank Nifty has strong resistance at 33580 - 34070 and it needs to give a consecutive close above it for further upmove. 

In the month of April Bank Nifty made a high of 34287 and made a low of  30405.20 .


Overall Bank Nifty needs to give a strong or consecutive close above 35140 to regain strength .

Inase 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 15431.75  on 16th Feb 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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