Thursday 26 May 2022

Bank Nifty Outlook for 27th May

 In the previous session :  


Bank Nifty went up by 882 points before closing higher by 755 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 26th May :

Bank Nifty triggered our long trade and completed all targets doing 650+ points 

For 27th May :

Sustaining above 35300 enter for 35430 - 35580 - 35980 , SL 35160

Sustaining below 34880 enter for 34760 - 34600 - 34200 , SL 35030


Now for this week :

On the upside :

Bank Nifty has to sustain and close above 34700 - 34960 where it has its initial resistance for a  move towards next targets of 35680 - 35860 . 

Sustaining or closing above 35860 Bank Nifty can move towards further targets of 36480 - 37150

On the downside :

Bank Nifty has to sustain and close below 33850 - 33590 where it has its initial support for a move towards next targets of 32880 - 32690 . 

Sustaining or closing below 32690 Bank Nifty can move towards further targets of 32070 - 31400

So far this week Bank Nifty made a made  a low of 34115.80 and today moved up to make a high of 35222.05 breaking above our initial resistance zone of 34700 - 34960 and closed at 35094.90. Now in the coming session Bank Nifty sustaining above 34700 - 34960 can move further up towards 35680 - 35860 where it has its next weekly resistance zone. On the downside Bank Nifty has immediate support at 34400 - 34100 on breaking and sustaining below 34700 . 


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 

So far for the month Bank Nifty breaking and sustaining below its monthly support of 35570 - 35250 has made a low of 33297.65 breaking below its next support zone of 34350 - 34100 and today closed below it too . 

As mentioned earlier "Now on sustaining below 34100 we can see a further correction towards 33400 - 32950 . Immediate strong resistance for Bank Nifty on a strong bounce now is near 34840 - 35000 ", and Bank Nifty made a low of 33001.75 on sustaining below 34100 . Now Bank Nifty breaking and sustaining or closing below 33000 can fall further towards 32600 - 32300. Immediate resistance for Bank Nifty is now at 34100 - 34350 which it needs to break and close above for a further bounce towards 35250 - 35570.

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.

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              


To receive this post daily in your inbox, kindly register by adding your email id in 6 the 'Subscribe to my posts' section on the top right side of the blog.


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.

No comments:

Post a Comment