Bank Nifty Outlook for 18th Jan

 In the previous session :  

Bank Nifty went down by 232 points then went up 247 points before closing lower by 154 points on Monday.

Bank Nifty made a new life time high of 41829.60 in this upmove from the lows of 16116.25 made on 24th March

On 17th Jan :

Bank Nifty triggered our short trade and completed just 1 target doing 90 points and took our TSL. Post that Bank Nifty reversed to trigger our long trade and again completed just 1 target doing 90 points and took our TSL. Overall Bank Nifty indicated indecisiveness .

For 18th Jan :

Sustaining above 38360 enter for 38440 - 38550 - 38800 , SL 38260

Sustaining below 38070 enter for 37990 - 37890 - 37620 , SL 38170

Now for this week :

Bank Nifty has to break and sustain above 38595 - 38735 where it has its initial resistance for a  move towards next targets of 39120 - 39220 where it has its next resistance for the week 

Bank Nifty has to break and sustain below 38145 - 38000 where it has its initial support for a move towards next targets of 37620 - 37500 where it has its next support for the week 

So far this week Bank Nifty made a high of 38617.50 testing our initial resistance zone and reversed to make a low of 38138.25 testing our initial support zone. In the coming session Bank Nifty has to break abv 38595 - 38735 for a further move and taking resistance in this zone we can see it test 38145 - 38000 again . For a downmove Bank Nifty needs to break and sustain below 38000 for further correction.

As mentioned earlier "Bank Nifty has to give a consecutive close above 35970 to expect a further bounce ", and Bank Nifty has given a consecutive close and has now made a high of 38851.45 . Bank Nifty may face some resistance on a further move towards 39050 - 39250 .

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 41829.60 on 25th Oct 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18604.45 on 19th Oct 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.