Bank Nifty Outlook for 10th May

 In the previous session:  

Bank Nifty went up by 249 points then went down by 158 points before closing lower by 85 points on Tuesday

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 09th May:

Bank Nifty triggered our long trade but did not complete any targets and took our stoploss.

For 10th May:

Sustaining above 43370 enter for 43470 - 43580 - 43890, SL 43250

Sustaining below 43030 enter for 42930 - 42810 - 42500, SL 43150

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 43533.25 reaching our initial weekly long targets of 43510 - 43630 on sustaining above 43080 and closed today at 43198.15 

Now in the coming session Bank Nifty sustaining above 43370 can move towards 43590 - 43750 where it has immediate resistance. On the downside Bank Nifty has immediate support at 43080 - 42920 and on breaking and sustaining below it can correct further till 42600 - 42300

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