Bank Nifty Outlook for 11th Aug

 In the previous session :  

Bank Nifty went down by 82 points then went up by 165 points before closing higher by 50 points on Wednesday.

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 10th Aug :

Bank Nifty triggered our long short trade and completed just 1 target doing 70 points. 

For 11th Aug :

Sustaining above 38405 enter for 38455 - 38500 - 38670 , SL 38315

Sustaining below 38190 enter for 38140 - 38070 - 37910 , SL 38260

Now for this week :

On the upside :

Bank Nifty has to sustain and close above its immediate resistance at 38100 - 38250 for a move  towards initial targets of 38520 - 38600 . 

Sustaining or closing above 38600 Bank Nifty may move towards next targets of 38860 - 39160

On the downside :

Bank Nifty has to sustain and close below its immediate support at 37740 - 37630 for a move towards initial targets of 37320 - 37240 . 

Sustaining or closing below 37240 Bank Nifty may move towards next targets of 36980 - 36680

So far this week Bank Nifty initially tested its weekly support zone of 37740 - 37630 with a low of 37681.45 and bounced back sharply to make a high of 38402.95 breaking above its weekly resistance zone of 38100 - 38250 and closed at 38287.85 . Now in the coming session Bank Nifty sustaining above 38250 can move towards its initial weekly long targets of 38520 - 38600 . On the downside Bank Nifty breaking and sustaining below 38140 can retest its weekly support zone of 37740 - 37630 . 

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.