Bank Nifty Outlook for 07th Sep

 In the previous session:  

Bank Nifty went up by 268 points then went down by 241 points before closing lower by 139 points on Tuesday.

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

On 06th Sep:

Bank Nifty triggered our long trade and took our stoploss. Post that Bank Nifty reversed to trigger our short trade and again took our stoploss indicating indecisiveness. 

For 07th Sep:

Sustaining above 39865 enter for 39990 - 40130 - 40500, SL 39730

Sustaining below 39465 enter for 39345 - 39200 - 38820, SL 39600

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 39780 - 40000 for a move   towards initial long targets of 40620 - 40780. 

Sustaining or closing above 40780 Bank Nifty may move towards next long targets of 41300 - 41890

On the downside:

Bank Nifty has to sustain and close below its immediate support at 39060 - 38830 for a move towards initial short targets of 38220 - 38060. 

Sustaining or closing below 38060 Bank Nifty may move towards next short targets of 37540 - 36950

So far this week Bank Nifty made a high of 40073.75 breaking above our initial weekly resistance zone of 39780 - 40000 but could not sustain and closed at 39666.50. Now in the coming session Bank Nifty breaking and sustaining above 40000 can move towards 40620 - 40780. On the downside Bank Nifty has immediate support at 39400 - 39200 and on breaking below it we can see a further move towards 39060 - 38830 where it has next support.

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.

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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.