Bank Nifty Outlook for 23rd Jul

 In the previous session : 

Bank Nifty went up by 574 points before closing higher by 262 points on Wednesday.

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 22nd Jul:

Bank Nifty triggered our long trade with a gap up and nearly completed all targets doing 200 points

For 23rd Jul :

Sustaining above 34820 enter for 34910 - 35010 - 35280 , SL 34720

Sustaining below 34535 enter for 34445 - 34345 - 34075 , SL 34635

Now for this week :

Bank Nifty has immediate resistance near 35935 - 36045 and sustaining or closing above we can see a further move towards 36355 - 36435 zone

Bank Nifty has immediate support near 35570 - 35450 and sustaining or closing below that we can see a move towards 35150 - 35060 zone

So far this week Bank Nifty has made a low of 34357.35 breaking below our next targets zone and also below the revised support zone of 34800 - 34500 and also closed below it . From there we saw Bank Nifty bounce back till 34989.10 .

Now Bank Nifty has to break and sustain above 34800 for a move back towards 35060 - 35150 where it has its immediate resistance now. 

Also had mentioned that " Bank Nifty has its immediate resistance in the zone of 36075 - 36175 in the coming session and it needs to close strongly above it for a further move ." ,  and we saw  Bank Nifty make a high of 35985.25 last week breaking above its congestion zone of 35815 but reverse sharply by 1600 points till 34357.35 .

As mentioned "Now on further downside Bank Nifty has strong support at 34200 and as long as it holds it on closing basis we can see  it attempt to bounce back.", we saw Bank Nifty so far make a low of 34357.35 and bounce back towards 34989.10 . 

In the month of June Bank Nifty made a high of 35810.90 and made a low of  33908.95.

Now for the month of July Bank Nifty has to give a consecutive close above 35520 for a further move on the upside . On the downside Bank Nifty has to give a consecutive close below 34020 for a further correction.

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 15606.35  on 31st May 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.