Bank Nifty Outlook for 07th May

 In the previous session : 

Bank Nifty went down by 220 points then went up by 172 points before closing higher by 44 points on Thursday.

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 06th May:

Bank Nifty triggered our short trade and took our stoploss. Post that it traded between our long and short trigger zone indicating indecisiveness . 

For 07th May :

Sustaining above 33035 enter for 33160 - 33310 - 33700 , SL 32890

Sustaining below 32620 enter for 32495- 32350 - 31960 , SL 32765

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 make a high of 33011.55 and closed well above the initial support zone. 

Now as long as its holding above 32550 we can see it bounce again towards 33300 - 33600 where it has its immediate resistance. 

Overall 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 gains.

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

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.