Bank Nifty Outlook for 02nd May

 In the previous session:  

Bank Nifty went down by 190 points then went up by 301 points before closing higher by 233 points on Friday

Bank Nifty made a new lifetime high of 44151.80 on 14th Dec 2022 from the lows of 16116.25 made on 25th March 2020

On 28th Apr:

Bank Nifty initially triggered our short trade and completed 2 targets doing 100 points and took our TSL. Post that Bank Nifty reversed to trigger our long trade and completed all targets doing 225 points

For 02nd May:

Sustaining above 43310 enter for 43350 - 43410 - 43540, SL 43255

Sustaining above 43160 enter for 43115 - 43060 - 42930, SL 43210

In the Previous Week: 

Bank Nifty triggered our long trade on closing above 42390 and completed all targets till 42990 - 43260 with a high of 43302 doing 900 points 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 43360 - 43430 for a move towards initial weekly long targets of 43630 - 43690. 

Sustaining or closing above 43690 Bank Nifty may move towards next long targets of 43860 - 44050

On the downside:

Bank Nifty has to sustain and close below its weekly support at 43110 - 43040 for a move towards initial weekly short targets of 42840 - 42780

Sustaining or closing below 42780 Bank Nifty may move towards next short targets of 42610 - 42410

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 44151.80 on 14th Dec 2022 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18887.60 on 01st Dec 2022 from the lows of 7511 made on 24th March 2020.

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Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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