Bank Nifty Outlook for 23rd Aug

 In the previous session :  

Bank Nifty went down by 738 points before closing lower by 688 points on Monday.

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 22nd Aug :

Bank Nifty triggered our short trade with a gap down below our 2nd target and fell further by 450 points. 

For 23rd Aug :

Sustaining above 38450 enter for 38550 - 38660 - 38950 , SL 38345

Sustaining below 38140 enter for 38050 - 37940 - 37650 , SL 38250

Now for this week :

On the upside :

Bank Nifty has to sustain and close above its immediate resistance at 39190 - 39310 for a move  towards initial long targets of 39650 - 39740 . 

Sustaining or closing above 39740 Bank Nifty may move towards next long targets of 40020 - 40350

On the downside :

Bank Nifty has to sustain and close below its immediate support at 38790 - 38660 for a move towards initial short targets of 38320 - 38230 . 

Sustaining or closing below 38230 Bank Nifty may move towards next short targets of 37950 - 37630

So far this week Bank Nifty triggered our weekly short trade and made a low of 38247.25 completing our initial weekly short targets. Now in the coming session Bank Nifty breaking and sustaining below 38230 can move towards 37950 - 37630 . On the upside Bank Nifty has immediate resistance at 38660 - 38790 .

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.