Bank Nifty Outlook for 09th May

 In the previous session:  

Bank Nifty went up by 757 points before closing higher by 622 points on Monday

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 08th May:

Bank Nifty triggered our long trade and completed all targets and more doing 590 points

For 09th May:

Sustaining above 43450 enter for 43550 - 43670 - 43980, SL 43335

Sustaining below 43120 enter for 43020 - 42900 - 42590, SL 43235

In the Previous Week: 

Bank Nifty triggered our weekly long trade on closing above 43430 and almost reached our last target zone of 43860 - 44050 with a high of 43739.80. Overall Bank Nifty did around 300 points on confirming the weekly long trade 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 42920 - 43080 for a move towards its initial weekly long targets of 43510 - 43630. 

Sustaining or closing above 43630 Bank Nifty may move towards next long targets of 44000 - 44420

On the downside:

Bank Nifty has to sustain and close below its weekly support at 42400 - 42240 for a move towards its initial weekly short targets of 41810 - 41690

Sustaining or closing below 41690 Bank Nifty may move towards its next short targets of 41320 - 40910

So far this week Bank Nifty has made a high of 43418.55 breaking above its weekly resistance and almost reached its initial weekly long target zone of 43510 - 43630 and closed at 43284.

Now in the coming session Bank Nifty sustaining above 43120 can move towards 43510 - 43630 and sustaining above it can next move towards 44000 - 44420. On the downside Bank Nifty has immediate support at 43080 - 42920 on sustaining below 43120

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