Bank Nifty Outlook for 09th Jun

 In the previous session : 

Bank Nifty went up by 5.85 points then went down by 481 points before closing lower by 358 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 08th Jun:

Bank Nifty triggered our short trade and completed all targets and more doing 350 points. 

 

For 09th Jun :

Sustaining above 35225 enter for 35280 - 35330 - 35530  , SL 35115

Sustaining below 34945 enter for 34890 - 34840 - 34640 , SL 35055

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

So far this week Bank Nifty has made a high of 35545.85 within our immediate resistance zone . Now Bank Nifty has to break and sustain above 35560 for a further move towards 35845 - 35915 zone where profit booking can be seen and hence caution advised on taking fresh long positions once near the next resistance/

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.

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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.