Bank Nifty Outlook for 17th Aug

 In the previous session :  

Bank Nifty went up by 400 points before closing higher by 197 points on Tuesday.

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 16th Aug :

Bank Nifty triggered our long trade with a gap up above our 2nd target and did not give a chance to trade. 

For 17th Aug :

Sustaining above 39325 enter for 39375 - 39435 - 39595 , SL 39265

Sustaining below 39155 enter for 39105 - 39045 - 38885 , SL 39215

Now for this week :

On the upside :

Bank Nifty has to sustain and close above its immediate resistance at 39190 - 39280 for a move  towards initial targets of 39530 - 39600 . 

Sustaining or closing above 39600 Bank Nifty may move towards next targets of 39810 - 40050

On the downside :

Bank Nifty has to sustain and close below its immediate support at 38890 - 38800 for a move towards initial targets of 38550 - 38490 . 

Sustaining or closing below 38490 Bank Nifty may move towards next targets of 38270 - 38030

So far this week Bank Nifty made a high of 39444.60 breaking above the immediate weekly resistance zone of 39190 - 39280 and closed at 39239.65 with it. Now in the coming session Bank Nifty has to break and sustain above 39280 to move towards the initial weekly long targets of 39530 - 39600. On the downside Bank Nifty breaking and sustaining below 39190 can move towards 38890 - 38800 where it has immediate weekly support.

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.