Bank Nifty Spot Outlook for 16th Sep

 In the previous session : 

Bank Nifty went down by 39 points then went up by 413 points before closing higher by 364 points on Tuesday 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 15th Sep :

Bank Nifty  triggered our long trade and completed all targets doing 200+ points . 

For 16th Sep :

Sustaining above 22575 enter for 22645 - 22725 - 22930 , SL 22500

Sustaining below 22355 enter for 22290 - 22210 - 22000 , SL 22430

For this week Bank Nifty has its immediate support zone at 22330 - 22240 and sustaining below it we can see a further correction towards its next support zone at 21990 - 21920 .

For this week Bank Nifty has immediate resistance zone at 22630 - 22720  and sustaining above it we can see a further recovery towards its next resistance zone of 22970 - 23040 levels 

Bank Nifty made a high of 22757.30 and a low 22028.15 so far this week . 

Bank Nifty has been slightly weaker than Nifty and if it sustains or closes comfortably above 22720 then we can see a move towards the next targets.

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 25232.60 on 31st Aug in the bounce from the fall till 16116.25  while Nifty has made a high of 11794.25 on 31st Aug from the lows of 7511 

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. 

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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.