Bank Nifty Outlook for 05th May

 In the previous session:  

Bank Nifty went down by 98 points then went up 427 points before closing higher by 372 points on Thursday

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 04th May:

Bank Nifty triggered our long trade and completed all targets and more doing 350+ points

For 05th May:

Sustaining above 43760 enter for 43805 - 43860 - 44000, SL 43710

Sustaining below 43610 enter for 43570 - 43510 - 43370, SL 43660

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

So far this week Bank Nifty has made a high of 43739.80 completing our initial weekly long targets and almost reaching our last weekly long targets of 43860 - 44050 and closed at 43685.45

Now in the coming session Bank Nifty has to sustain above 43690 to move towards 43860 - 44050. On the downside Bank Nifty has to break and sustain below 43630 to move back towards 43430 - 43360 

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