Bank Nifty Outlook for 02nd May

  In the previous session :  

Bank Nifty went up by 296 points then went down by 443 points before closing lower by 334 points on Friday.

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 29th Apr :

Bank Nifty initially triggered our long trade and completed just 1 target doing 70 points and took our TSL. Post that Bank Nifty triggered our short trade and completed 2 targets doing 250 points. 

For 02nd May :

Sustaining above 36240 enter for 36330 - 36440 - 36730 , SL 36130

Sustaining below 35930 enter for 35840 - 35730 - 35440 , SL 36040

Now for this week :

On the upside :

Bank Nifty has to sustain and close above 36340 - 36500 where it has its initial resistance for a  move towards next targets of 36920 - 37030 . 

Sustaining or closing above 37030 Bank Nifty can move towards further targets of 37400 - 37800

On the downside :

Bank Nifty has to sustain and close below 35840 - 35680 where it has its initial support for a move towards next targets of 35250 - 35140 . 

Sustaining or closing below 35140 Bank Nifty can move towards further targets of 34780 - 34400

For the month of May :

Bank Nifty has immediate good resistance at 36630 - 36930 zone which it needs to close above for the next move towards 37800 - 38000 .

Bank Nifty has immediate good support at 35570 - 35250 zone which it needs to hold on correction else closing below it we may see a further correction towards 34350 - 34100 

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.