Bank Nifty Spot Outlook for 21st May

In the previous session : 

Bank Nifty went down by 78 points then went up 516 points before closing higher by 354 points on Wednesday as compared to its previous day's  close . 

Bank Nifty had made a life time high of 32613.10 on 30th December and has since then  corrected by 15822 points . 

On 20th May :

Bank Nifty triggered our long trade and did 516 points . 

For 21st May  :

Sustaining above 18040 enter for 18160 - 18300 - 18675 , SL 17900

Sustaining below 17640 enter for 17520 - 17380 - 17000 , SL 17780

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

Bank Nifty had made a low of 16116.25 on 24th March. 

Bank Nifty has made a high of 21967 in the bounce from 16116.25 retracing 36.30 % of the fall while Nifty has made a high of 9889.05 from the lows of 7511 retracing 31.66%

Today again we saw Bank Nifty touching 18000 levels and reverse without breaking above the previous days high , though the reversal was not sharp like a day ago . Immediate resistance is placed at 18430 - 18585 now and it needs to sustain above it for more else can see some selling again.

How to use these levels 

• Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

For this month :

• Bank Nifty longs will get confirmed with a consecutive close above 22835 for a initial target of 24210 - 24560 and sustaining / closing above 24560 we can see a further move till 25740 - 27040 .  

• Bank Nifty shorts will get confirmed with a consecutive close below 20235 for  a initial target of 18860 - 18515 and sustaining / closing below 18515 we can see a further move till 17330 - 16030.

Bank Nifty had triggered our monthly short trade and we have seen a dip till 17514.20 nearly testing our next targets on sustaining below 18515 and it did 2720 points . Bank Nifty is the weaker index at the moment.

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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.