Bank Nifty Outlook for 21st Jan

 In the previous session :  

Bank Nifty went up by 126 points then went down by 450 points before closing lower by 190 points on Thursday.

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 20th Jan :

Bank Nifty initially triggered our long trade and took our stoploss . Post that it reversed to trigger our short trade and completed all targets doing 370 points . 

For 21st Jan :

Sustaining above 37980 enter for 38035 - 38085 - 38275 , SL 37880

Sustaining below 37720 enter for 37670 - 37620 - 37430 , SL 37820

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 38855.55 breaking above our initial weekly resistance zone and reversed to make a low of 37591.85 testing our next support zone. In the coming session Bank Nifty has hold the support at 37620 - 37500 for a bounce back towards 38300 - 38500 where as breaking and sustaining below 37500 it can correct towards 37200 - 36900 .

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 38855.55 . 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.