Monday 3 May 2021

Bank Nifty Outlook for 04th May

 In the previous session : 

Bank Nifty went down by 875 points before closing lower by 316 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 03rd May:

Bank Nifty triggered our short trade with a gap down below our 1st target and corrected by further 460 points  .


For 04th May :

Sustaining above 32675 enter for 32805 - 32955 - 33350 , SL 32530


Sustaining below 32255 enter for 32125- 31980 - 31580 , SL 32405


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

So far this week Bank Nifty has made a low of 31906.55 breaking below our initial support and bounced back to close above it too

Now as long as its holding above 32400 we can see it move towards the initial resistance zone of 33165 - 33405 


As mentioned in the previous post " 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. " , and today we saw Bank Nifty made a low of 31906.55 testing our strong support zone and bounce back smartly by 600 points 

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 .

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 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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