Bank Nifty Outlook for 05th Jul

 In the previous session : 

Bank Nifty went down by 51 points then went up 210 points before closing higher by 126 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 02nd Jul:

Bank Nifty triggered our long trade and completed just 1 target doing 70 points . Bank Nifty is trading in a narrow range with falling Vix and daily the targets are smaller . 

For 05th Jul :

Sustaining above 34940 enter for 34990 - 35040 - 35225 , SL 34840

Sustaining below 34680 enter for 34630 - 34580 - 34390 , SL 34780

Now for this week :

Bank Nifty has immediate resistance near 34970 - 35070 and sustaining or closing above we can see a further move towards 35345 - 35415 zone

Bank Nifty has immediate support near 34650 - 34550 and sustaining or closing below that we can see a move towards 34275 - 34205 zone

Bank Nifty has to break and close beyond the current trading range of 34000 - 35600 on either side for a bigger move.

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

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.

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 form in the furtherance of any trade or trading decisions.