Bank Nifty Outlook for 12th Aug

 In the previous session :  

Bank Nifty went up by 644 points before closing higher by 592 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 11th Aug :

Bank Nifty opened with a gap up above our last long target and did not give a trade . 

For 12th Aug :

Sustaining above 38970 enter for 39025 - 39090 - 39260 , SL 38905

Sustaining below 38790 enter for 38735 - 38670 - 38500 , SL 38855

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 38932.10 almost completing its next weekly long targets of 38860 - 39160 and closed at 38879.85 . Now in the coming session Bank Nifty sustaining above 38600 can move to complete its next weekly long target of 39160 .  On the downside Bank Nifty has immediate support at 38600 - 38520 zone and breaking and sustaining below it can move towards 38250 - 38100 . 

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.