Bank Nifty Outlook for 16th Jun

 In the previous session : 

Bank Nifty went down by 33 points then went up by 367 points before closing higher by 297 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 15th Jun:

Bank Nifty triggered our long trade and nearly completed all targets doing 225 points. 

 

For 16th Jun :

Sustaining above 35075 enter for 35125 - 35170 - 35350  , SL 34980

Sustaining below 34830 enter for 34780 - 34730 - 34555 , SL 34925

Now for this week :

Bank Nifty has immediate resistance near 35200 - 35380 and sustaining or closing above we can see a further move towards 35565 - 35635 zone

Bank Nifty has immediate support near 34890 - 34720 and sustaining or closing below that we can see a move towards 34530 - 34460 zone

So far this week Bank Nifty made a low of 34374.35 breaking below our next support zone but bounced back sharply to make a high of 35317.40 testing our initial resistance zone. Now in the coming sessions Bank Nifty has to break and sustain above 35380 for a further move towards 35565 - 35635 zone.

Now unless Bank Nifty sustains or closes above 35460 - 35560 zone it will keep coming under pressure on upmoves .  . 

Had mentioned previously "As long as Bank Nifty is closing above 34170 on dips we can see it bounce back. ", today Bank Nifty made a low of 34374.35 and bounced back sharply.

 

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.