Bank Nifty Outlook for 11th May

In the previous session : 

Bank Nifty went up by 393 points before closing higher by 234 points on Monday.

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 10th May:

Bank Nifty triggered our long trade and completed just 1 targets doing 120 points.

For 11th May :

Sustaining above 33335 enter for 33455 - 33590 - 33960 , SL 33200

Sustaining below 32950 enter for 32830 - 32690 - 32325, SL 33085

Now for this week :

Bank Nifty has immediate resistance near 33230 - 33430 and sustaining or closing above we can see a further move towards 33980 - 34120 zone

Bank Nifty has immediate support near 32580 - 32380 and sustaining or closing below that we can see a move towards 31830 - 31690 zone

So far this week Bank Nifty made a high of 33297.60 testing our initial resistance zone . Now Bank Nifty needs to hold above 32690 on dips and break and sustain above 33430 for a further move towards 33980 - 34120.

Overall Bank Nifty has strong support on the downside at 31990 - 31490 and it needs to give a consecutive close below for further declines .  

On the upside Bank Nifty has strong resistance at 33580 - 34070 and it needs to give a consecutive close above it for further gains.

In the month of April Bank Nifty made a high of 34287 and made a low of  30405.20 .

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 15431.75  on 16th Feb 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.