Bank Nifty Outlook for 21st Jul

  In the previous session : 

Bank Nifty went down by 722 points before closing lower by 664 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 20th Jul:

Bank Nifty triggered our short trade with a gap down and bounced up to give a good short entry and completed all targets and more doing 550 points

For 21st Jul :

Sustaining above 34560 enter for 34650 - 34750 - 35020, SL 34460

Sustaining below 34270 enter for 34190 - 34080 - 33820 , SL 34370

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 34357.35 breaking below our next targets zone and also below the revised support zone of 34800 - 34500 and also closed below it . Currently Bank Nifty is more weaker than Nifty .

Now Bank Nifty has to break and sustain above 34800 for a move back towards 35060 - 35150 where it has its immediate resistance now. 

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 .

As mentioned "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.", we saw Bank Nifty so far make a low of 34357.35 and close just above 34400. As long as Bank Nifty is closing above 34200 we can see bounce back towards 34800 and above it till 35100 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.