Bank Nifty Outlook for 03rd Jun

 In the previous session : 

Bank Nifty went down by 267 points then went up by 79 points before closing higher by 36 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 02nd May:

Bank Nifty triggered our short trade and took our stoploss . Post that Bank Nifty traded between our long and short trigger zone for the day indicating indecisiveness for the 2nd consecutive day. We can expect a good move in the coming session.

For 03rd Jun :

Sustaining above 35600 enter for 35690 - 35775 - 36100  , SL 35425

Sustaining below 35150 enter for 35060 - 34970 - 34650 , SL 35320

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

So far this week Bank Nifty made a high of 35713.90 breaking the initial weekly resistance but today closed below it . Now Bank Nifty has to sustain above 35640 for a move towards 36170 - 36310.

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 35584.30 on closing consecutively above 34070.

In the month of May Bank Nifty made a high of 35584.30 and made a low of  31906.55 .

Now in June Bank Nifty has to give a consecutive close above 36560 for a stronger upmove . On the downside Bank Nifty has to give a consecutive close below 34490 for a stronger correction. 

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 15606.35  on 31st 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