Bank Nifty Outlook for 22nd May

 In the previous session:  

Bank Nifty went down by 220 points then went up by 268 points before closing higher by 217 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 19th May:

Bank Nifty initially triggered our short trade and completed 2 targets doing 120 points. Post that Bank Nifty reversed to trigger our long trade and again completed 2 targets doing 125 points

For 22nd May:

Sustaining above 44040 enter for 44080 - 44130 - 44260, SL 43990

Sustaining below 43900 enter for 43860 - 43810 - 43680, SL 43950

In the Previous Week: 

Bank Nifty initially traded the entire week sideways between our long and short confirmation zone and did not give a close above 44240 nor below 43340 for a directional trade

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 44090 - 44160 for a move towards its initial weekly long targets of 44350 - 44400. 

Sustaining or closing above 44400 Bank Nifty may move towards next long targets of 44560 - 44750

On the downside:

Bank Nifty has to sustain and close below its weekly support at 43850 - 43780 for a move towards its initial weekly short targets of 43590 - 43540

Sustaining or closing below 43540 Bank Nifty may move towards its next short targets of 43380 - 43200

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