Sunday 30 May 2021

Bank Nifty Outlook for 31st May

 In the previous session : 

Bank Nifty went up by 341 points then went down by 118 points before closing higher by 46 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 28th May:

Bank Nifty triggered our long trade and took our stoploss without doing any target. 

For 31st May :

Sustaining above 35330 enter for 35450 - 35580 - 35940  , SL 35200


Sustaining below 34950 enter for 34835 - 34700 - 34340 , SL 35070


Now for this week :

Bank Nifty has immediate resistance near 35450 - 35640 and sustaining or closing above we can see a further move towards 36170 - 36310 zone

Bank Nifty has immediate support near 34830 - 34640 and sustaining or closing below that we can see a move towards 34110 - 33980 zone

Now as long as Bank Nifty is closing above 34400 on dips we can see it bounce back. On the upside Bank Nifty can see some selling pressure near 35770 - 35800. 

 As mentioned for this month "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.", Bank Nifty made a high of 35436.65 on closing consecutively above 34070.

In the month of May Bank Nifty made a high of 35436.65 and made a low of  31906.55 .

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 15469.65  on 28th May 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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