Bank Nifty Outlook for 16th Jun

  In the previous session:  

Bank Nifty went up by 89 points then went down by 590 points before closing lower by 544 points on Thursday.

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 15th Jun:

Bank Nifty triggered our short trade and completed all targets and more doing 500+ points

For 16th Jun:

Sustaining above 43525 enter for 43575 - 43635 - 43790, SL 43465

Sustaining below 43360 enter for 43310 - 43250 - 43100, SL 43420

In the Previous Week: 

Bank Nifty triggered our long trade above 44180 and reached our initial weekly long targets till 44440 - 44510 with a high of 44459.25 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 44110 - 44190 for a move towards its initial weekly long targets of 44400 - 44460. 

Sustaining or closing above 44460 Bank Nifty may move towards next long targets of 44640 - 44840

On the downside:

Bank Nifty has to sustain and close below its weekly support at 43860 - 43790 for a move towards its initial weekly short targets of 43580 - 43520

Sustaining or closing below 43520 Bank Nifty may move towards its next short targets of 43340 - 43140

So far this week Bank Nifty has made a high of 44212.35 testing its weekly resistance zone of 44110 - 44190 and today broke below its weekly support of 43860 - 43790 and made a low of 43397.50 almost reaching its last weekly short target zone of 43340 - 43140 and closed at 43443.60

Now in the coming session Bank Nifty has immediate resistance at 43520 - 43580 and has to break and sustain above it to move towards 43790 - 43860. On the downside Bank Nifty sustaining below 43520 can move towards its last weekly short targets of 43340 - 43140.

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