Bank Nifty Outlook for 19th May

 In the previous session:  

Bank Nifty went up by 380 points then went down by 25 points before closing higher by 53 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 18th May:

Bank Nifty opened with a big gap up near our 2nd long target and did not give proper risk reward trade. Post that Bank Nifty traded sideways for the entire session 

For 19th May:

Sustaining above 43850 enter for 43910 - 43975 - 44150, SL 43780

Sustaining below 43650 enter for 43600 - 43530 - 43350, SL 43725

In the Previous Week: 

Bank Nifty initially triggered our weekly short trade on closing below 43240 and took our stoploss. Post that Bank Nifty triggered our weekly long trade with a close above 43080 and nearly reached our last weekly long target zone of 44000 - 44420 with a high of 43905.95. Overall Bank Nifty did around 810 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 44070 - 44240 for a move towards its initial weekly long targets of 44710 - 44830. 

Sustaining or closing above 44830 Bank Nifty may move towards next long targets of 45230 - 45680

On the downside:

Bank Nifty has to sustain and close below its weekly support at 43520 - 43340 for a move towards its initial weekly short targets of 42880 - 42750

Sustaining or closing below 42750 Bank Nifty may move towards its next short targets of 42350 - 41910

So far this week Bank Nifty has made a high of 44151.70 testing its weekly resistance zone of 44070 - 44240 and almost touched its life time high of 44151.80 made on 14th Dec 2022 and reversed to make a low of 43446.40 testing our weekly support zone of 43520 - 43340 and closed today at 43752.30

Now in the coming session Bank Nifty has to sustain above 43900 for a move towards 44070 - 44240. On the downside Bank Nifty has immediate support at 43520 - 43340 and has to break and sustain below it for a move towards 42880 - 42750 

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