Wednesday 7 July 2021

Bank Nifty Outlook for 08th Jul

 In the previous session : 

Bank Nifty went down by 151 points then went up by 216 points before closing higher by 192 points on Wednesday.


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 07th Jul:

Bank Nifty initially triggered our short trade and took our stoploss. Post that Bank Nifty triggered our long trade and completed just 1 target doing 60 points . 


For 08th Jul :

Sustaining above 35880 enter for 35950 - 36030 - 36240 , SL 35805

Sustaining below 35660 enter for 35590 - 35510 - 35310 , SL 35735

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 . Now Bank Nifty has to break beyond 35900 for a move towards 36100+ 

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 . Now Bank Nifty has given a consecutive close above 35520 which may show us a move towards 36000. Todays close is the highest close since 01st April 2021.

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.   

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