Bank Nifty Outlook for 07th Jul

  In the previous session : 

Bank Nifty went up by 595 points then went down by 46 points before closing lower by 367 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 06th Jul:

Bank Nifty triggered our long trade and completed all targets and more doing 400+ points . 

For 07th Jul :

Sustaining above 35725 enter for 35785 - 35840 - 36050 , SL 35615

Sustaining below 35435 enter for 35375 - 35320 - 35110 , SL 35545

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

So far this week Bank Nifty has made a high of 35807.45 breaking above our next resistance zone and reached our further target zone mentioned in previous post of 35650 - 35900 and corrected on the back of profit booking to close 35600 . 

Had mentioned earlier "Overall Bank Nifty has to break and close beyond the current trading range of 34000 - 35600 on either side for a bigger move. " , and we saw Bank Nifty make a high of 35807.45 but failed to close above 35600 but it has managed to give a close 35520 and if we get a consecutive close above it we can see Bank Nifty once more attempt a move towards 36000. Todays close is the 2nd highest close since 01st Jun.

Bank Nifty has found strong support near 33900 - 34170 zone on the downside and unless it closes below this range it will attempt to recover from corrections towards these levels .

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.