Bank Nifty Outlook for 24th May

 In the previous session:  

Bank Nifty went up by 210 points then went down by 33 points before closing higher by 69 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 23rd May:

Bank Nifty initially triggered our long trade and completed 2 targets and more doing 140 points.

For 24th May:

Sustaining above 44025 enter for 44065 - 44115 - 44245, SL 43975

Sustaining below 43885 enter for 43845 - 43795 - 43665, SL 43935

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

So far this week Bank Nifty has made a low of 43684.90 breaking below the weekly support zone of 43850 - 43780 and today bounced back to make a high of 44095.25 testing our weekly resistance zone of 44090 - 44160 and closed at 43954.45 .

Now in the coming session Bank Nifty has to break and sustain above 44160 to move further towards 44350 - 44400. On the downside Bank Nifty has immediate support at 43850 - 43780 and has to break and sustain below it for a move towards 43590 - 43540.

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