Bank Nifty Outlook for 05th Jun

  In the previous session:  

Bank Nifty went up 298 points before closing higher by 147 points on Friday.

Bank Nifty made a new lifetime high of 44498.60 on 30th May 2023 from the lows of 16116.25 made on 25th March 2020

On 02nd Jun:

Bank Nifty triggered our long trade with a gap up near our 2nd target and did not give a chance to trade

For 05th Jun:

Sustaining above 44030 enter for 44090 - 44150 - 44330, SL 43965

Sustaining below 43845 enter for 43790 - 43720 - 43550, SL 43910

In the Previous Week: 

Bank Nifty triggered our long trade and completed our initial weekly long targets and then took our stoploss 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 44090 - 44180 for a move towards its initial weekly long targets of 44440 - 44510. 

Sustaining or closing above 44510 Bank Nifty may move towards next long targets of 44730 - 44970

On the downside:

Bank Nifty has to sustain and close below its weekly support at 43790 - 43690 for a move towards its initial weekly short targets of 43440 - 43370

Sustaining or closing below 43370 Bank Nifty may move towards its next short targets of 43150 - 42910

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 44498.60 on 30th May 2023 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