Bank Nifty Outlook for 20th Jul

  In the previous session : 

Bank Nifty went down by 852 points before closing lower by 672 points on Monday.

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 19th Jul:

Bank Nifty triggered our short trade with a big gap down below our last daily target and corrected by another 380 points

For 20th Jul :

Sustaining above 35250 enter for 35320 - 35385 - 35630 , SL 35120

Sustaining below 34905 enter for 34840 - 34770 - 34520 , SL 35040

Now for this week :

Bank Nifty has immediate resistance near 35935 - 36045 and sustaining or closing above we can see a further move towards 36355 - 36435 zone

Bank Nifty has immediate support near 35570 - 35450 and sustaining or closing below that we can see a move towards 35150 - 35060 zone

So far this week Bank Nifty has made a low of 34899.20 breaking below our next targets zone and closed just within it . Now on sustaining below 35060  Bank Nifty can correct further towards 34800 - 34500.

Had mentioned in the previous post "Now Bank Nifty has to hold above 35060 on corrections to bounce back towards 36000 levels .", and today Bank Nifty has managed to close at 35079.20 just above it.

Also had mentioned that " Bank Nifty has its immediate resistance in the zone of 36075 - 36175 in the coming session and it needs to close strongly above it for a further move ." ,  and we saw  Bank Nifty make a high of 35985.25 last week breaking above its congestion zone of 35815 but reverse today sharply .

Now on further downside Bank Nifty has strong support at 34200 and as long as it holds it on closing basis we can see  it attempt to bounce back. 

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.