Bank Nifty Outlook for 17th May

  In the previous session : 

Bank Nifty went up by 170 points then went down 337 points before closing lower by 283 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 14th May:

Bank Nifty initially triggered our long trade and took our stoploss. Post that it reversed to trigger our short trade and almost completed 2 targets doing 190 points. 

For 17th May :

Sustaining above 32310 enter for 32370 - 32430 - 32630 , SL 32200

Sustaining below 32020 enter for 31970 - 31910 - 31710 , SL 32135

Now for this week :

Bank Nifty has immediate resistance near 32350 - 32460 and sustaining or closing above we can see a further move towards 32760 - 32840 zone

Bank Nifty has immediate support near 31990 - 31880 and sustaining or closing below that we can see a move towards 31580 - 31500 zone

Bank Nifty is trading in a broader range of  30400 - 34300 currently.

This month Bank Nifty has strong support on the downside at 31990 - 31490 zone and it needs to give a consecutive close below for further declines .  

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.

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.