Wednesday 1 June 2022

Bank Nifty Outlook for 02nd Jun

 In the previous session :  


Bank Nifty went up by 281 points then went down by 202 points before closing higher by 133 points on Wednesday.


Bank Nifty made a new life time high of 41829.60 in this upmove from the lows of 16116.25 made on 24th March


On 01st Jun :

Bank Nifty triggered our long trade and took our stoploss . Post that Bank Nifty traded the entire session between our long and short trigger zone.


For 02nd Jun :

Sustaining above 35775 enter for 35870 - 35980 - 36270 , SL 35670

Sustaining below 35460 enter for 35370 - 35260 - 34970 , SL 35575


Now for this week :

On the upside :

Bank Nifty has to sustain and close above 35960 - 36180 where it has its initial resistance for a  move towards next targets of 36770 - 36930 . 

Sustaining or closing above 36930 Bank Nifty can move towards further targets of 37430 - 37990

On the downside :

Bank Nifty has to sustain and close below 35270 - 35050 where it has its initial support for a move towards next targets of 34460 - 34300 . 

Sustaining or closing below 34300 Bank Nifty can move towards further targets of 33800 - 33250

So far this week Bank Nifty made a high of 36083.70 testing our initial resistance zone and closed today at 35620.80  . Now in the coming session Bank Nifty has to break and sustain / close  above 35960 - 36180 zone to move up further towards 36770 - 36930 . On the downside Bank Nifty has immediate support at 35270 - 35050 which it needs to hold on dips .


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 41829.60 on 25th Oct 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18604.45 on 19th Oct 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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