Bank Nifty Outlook for 30th Aug

 In the previous session :  

Bank Nifty went down by 1043 points before closing lower by 710 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 29th Aug :

Bank Nifty triggered our short trade with a big gap down below our last target and did not give a entry 

For 30th Aug :

Sustaining above 38440 enter for 38540 - 38660 - 38970 , SL 38320

Sustaining below 38110 enter for 38010 - 37890 - 37590 , SL 38230

Now for this week :

On the upside :

Bank Nifty has to sustain and close above its immediate resistance at 39230 - 39380 for a move  towards initial long targets of 39790 - 39900 . 

Sustaining or closing above 39900 Bank Nifty may move towards next long targets of 40250 - 40630

On the downside :

Bank Nifty has to sustain and close below its immediate support at 38740 - 38590 for a move towards initial short targets of 38180 - 38080 . 

Sustaining or closing below 38080 Bank Nifty may move towards next short targets of 37730 - 37340

So far this week Bank Nifty made a low of 37943.85 completing our initial weekly short targets and almost reached our last target zone of 37730 - 37340 before closing at 38276.90 . Now in the coming session Bank Nifty has immediate resistance at 38590 - 38740 which it needs to break and sustain above for a further move. On the downside Bank Nifty has immediate support at 38080 and breaking and sustaining below it can move towards 37730 - 37340. 

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.