Bank Nifty Outlook for 07th Jun

  In the previous session : 

Bank Nifty went up by 162 points then went down by 473 points before closing lower by 357 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 04th Jun:

Bank Nifty initially triggered our long trade and completed 1 target and took our TSL. Post that Bank Nifty reversed to trigger our short trade and completed all targets doing 300+ points.

 

For 07th Jun :

Sustaining above 35400 enter for 35455 - 35530 - 35720  , SL 35320

Sustaining below 35190 enter for 35130 - 35050 - 34870 , SL 35260

Now for this week :

Bank Nifty has immediate resistance near 35460 - 35560 and sustaining or closing above we can see a further move towards 35845 - 35915 zone

Bank Nifty has immediate support near 35125 - 35025 and sustaining or closing below that we can see a move towards 34740 - 34670 zone

Now as long as Bank Nifty is closing above 34490 on dips we can see it bounce back. On the upside Bank Nifty can see some selling pressure near 36170 - 36300. 

 

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.

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 6 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 f