Thursday 1 July 2021

Bank Nifty Outlook for 02nd Jul

 In the previous session : 

Bank Nifty went up by 145 points then went down 121 points before closing lower by 88 points on Thursday.


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 01st Jul:

Bank Nifty initially triggered our long trade and took our stoploss . Post that Bank Nifty traded between our long and our short trade levels all through the day indicating indecisiveness on the next move. Expecting Bank Nifty to give a better directional move now in the coming sessions. 

For 02nd Jul :

Sustaining above 34820 enter for 34875 - 34930 - 35125 , SL 34715

Sustaining below 34545 enter for 34490 - 34440 - 34240 , SL 34650


Now for this week :

Bank Nifty has immediate resistance near 35550 - 35670 and sustaining or closing above we can see a further move towards 35990 - 36070 zone

Bank Nifty has immediate support near 35180 - 35060 and sustaining or closing below that we can see a move towards 34740 - 34660 zone

So far this week Bank Nifty made a high of 35576.95 testing our initial weekly resistance zone and corrected by 650 points . Bank Nifty made a low of 34650.95 testing our next support zone of 34740 - 34660 as expected yesterday on closing below our initial support zone and closed at 34684 . 

Now Bank Nifty has to hold above 34660 for a bounce back else breaking and sustaining below 34660 we may see it move towards 34390 - 34090 zone.

Overall Bank Nifty has support near 33900 - 34170 zone on the downside and unless it closes below this range it can attempt to recover

In the month of June Bank Nifty made a high of 35810.90 and made a low of  33908.95.

Now for the month of July Bank Nifty has to give a consecutive close above 35520 for a further move on the upside . On the downside Bank Nifty has to give a consecutive close below 34020 for a further 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.   Ban

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