Bank Nifty Outlook for 09th Jul

  In the previous session : 

Bank Nifty went up by 40 points then went down by 636 points before closing lower by 497 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 08th Jul:

Bank Nifty triggered our short trade and completed all our targets and more doing 500 points 

For 09th Jul :

Sustaining above 35390 enter for 35460 - 35540 - 35750 , SL 35310

Sustaining below 35160 enter for 35090 - 35010 - 34800 , SL 35240

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 35811 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 towards our initial resistance zone. Now Bank Nifty has to hold above 34970 on further correction for a bounce back else breaking and sustaining below 34970 it can correct further towards our initial support zone. 

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 35811 . Now Bank Nifty has given a consecutive close above 35520 which may show us a move towards 36000. Closing basis stoploss for entering on further correction is 34820 . 

Overall 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.