Bank Nifty Outlook for 02nd Sep

 In the previous session:  

Bank Nifty went down by 733 points then went up by 131 points before closing lower by 235 points on Thursday.

Bank Nifty made a new lifetime high of 41829.60 in this upmove from the lows of 16116.25 made on 24th March

On 01st Sep:

Bank Nifty triggered our short trade with a big gap down below our 2nd target and did not give a entry.

For 02nd Sep:

Sustaining above 39540 enter for 39680 - 39850 - 40300, SL 39370

Sustaining below 39060 enter for 38920 - 38750 - 38300, SL 39230

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 and post that has bounced back to make a high of 396667.65 breaking above the weekly resistance and closed today at 39301.25. Now in the coming session Bank Nifty sustaining above 39380 can move towards 39790 - 39990.On the downside Bank Nifty has immediate support at 38740 - 38590 and has to break and sustain below if for a further dip towards 38180 - 38080.

In case 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.