Thursday 13 May 2021

Bank Nifty Outlook for 14th May

 In the previous session : 

Bank Nifty went down by 530.7 points then went up 12 points before closing lower by 270 points on Wednesday.


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 12th May:

Bank Nifty triggered our short trade and almost completed all targets doing 375 points. 

For 14th May :

Sustaining above 32600 enter for 32695 - 32800 - 33100 , SL 32500


Sustaining below 32305 enter for 32210 - 32100 - 31820 , SL 32405


Now for this week :

Bank Nifty has immediate resistance near 33230 - 33430 and sustaining or closing above we can see a further move towards 33980 - 34120 zone

Bank Nifty has immediate support near 32580 - 32380 and sustaining or closing below that we can see a move towards 31830 - 31690 zone

So far this week Bank Nifty made a high of 33297.60 testing our initial resistance zone and then failing to break and sustain above 33430 , Bank Nifty reversed to make a low of 32352.30 testing our initial support zone. 

Now Bank Nifty has to sustain below 32380 for a move towards 31830 - 31690 and has resistance at 32750 on bounces . 

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.

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              


To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.




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. 


No comments:

Post a Comment