Bank Nifty Outlook for 26th May

 In the previous session : 

Bank Nifty went up by 182 points then went down by 533 points before closing lower by 281 points on Tuesday.

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 25th May:

Bank Nifty triggered our short trade and fell short of completing 2 targets doing 250 points . 

For 26th May :

Sustaining above 34920 enter for 35080 - 35260 - 35750 , SL 34740

Sustaining below 34405 enter for 34245 - 34065 - 33575 , SL 34585

Now for this week :

Bank Nifty has immediate resistance near 35025 - 35285 and sustaining or closing above we can see a further move towards 36000 - 36185 zone

Bank Nifty has immediate support near 34190 - 33930 and sustaining or closing below that we can see a move towards 33200 - 33000 zone

So far this week Bank Nifty has made a high of 35216.10 testing our initial weekly resistance zone but closed below it and we saw it correct till 34410.40 . Now it needs to break and sustain above 35285 for a further move towards 36000 - 36185 else we may see it dip till 33700 levels 

Now as long as Bank Nifty is closing above 33700  on dips we can see it bounce back. On the upside Bank Nifty can see some selling pressure near 35025 - 35285. 

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.

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.