Bank Nifty Spot Outlook for 05th Jun

In the previous session : 

Bank Nifty went up by 1089 points before closing higher by 410 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 03rd Jun :

Bank Nifty triggered our short trade and did 419 points . 

For 05th Jun :

Sustaining above 20610 enter for 20750 - 20905 - 21325 , SL 20460

Sustaining below 20170 enter for 20035 - 19880 - 19450 , SL 20325

Had mentioned in the previous post "Those who are holding longs should move their trailing stoploss to 20735 now." , and today following it would have helped retain some profits .

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%

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. 

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.