Bank Nifty Outlook for 31st May

 In the previous session:  

Bank Nifty went down by 104 points then went up by 187 points before closing higher by 124 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 30th May:

Bank Nifty triggered our long trade and completed 2 targets doing 100 points 

For 31st May:

Sustaining above 44510 enter for 44550 - 44600 - 44730, SL 44455

Sustaining below 44360 enter for 44325 - 44270 - 44140, SL 44420

In the Previous Week: 

Bank Nifty triggered our short trade on closing below 43780 and reached our last weekly short target zone of 43380 - 43200 with a low of 43390 and then bounced towards our weekly resistance zone

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 44140 - 44210 for a move towards its initial weekly long targets of 44410 - 44470. 

Sustaining or closing above 44470 Bank Nifty may move towards next long targets of 44640 - 44830

On the downside:

Bank Nifty has to sustain and close below its weekly support at 43900 - 43820 for a move towards its initial weekly short targets of 43630 - 43570

Sustaining or closing below 43570 Bank Nifty may move towards its next short targets of 43400 - 43210

So far this week Bank Nifty has made a high of 44498.60 completing our initial weekly long targets of 44410 - 44470 on sustaining above 44210 and closed at 44436.35

Now in the coming session Bank Nifty has to break and sustain above 44470 to move up further towards its next weekly long targets of 44640 - 44830. On the downside Bank Nifty has immediate support at 44360 and breaking and sustaining below it can move towards 44210 - 44140

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.

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.                              

To receive this post daily in your inbox, kindly register by adding your email id in 6 the 'Subscribe to my posts' section on the top right side of the blog.

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