Bank Nifty Outlook for 18th Jul

 In the previous session:  

Bank Nifty went down by 124 points then went up by 737 points before closing higher by 630 points on Monday.

Bank Nifty made a new lifetime high of 45655.50 on 04th Jul 2023 from the lows of 16116.25 made on 25th March 2020

On 17th Jul:

Bank Nifty initially triggered our short trade and completed just 1 target and took our stoploss. Post that Bank Nifty reversed to trigger our long trade and completed all targets and more doing 600+ points 

For 18th Jul:

Sustaining above 45555 enter for 45620 - 45695 - 45895, SL 45480

Sustaining below 45345 enter for 45280 - 45200 - 45000, SL 45420

In the Previous Week: 

Bank Nifty traded mostly between our long and short trigger zones and did not give a confirmation for a trade on either side with a close 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 44930 - 45000 for a move towards its initial weekly long targets of 45190 - 45240. 

Sustaining or closing above 45240 Bank Nifty may move towards its last weekly long targets of 45400 - 45580

On the downside:

Bank Nifty has to sustain and close below its weekly support at 44710 - 44640 for a move towards its initial weekly short targets of 44450 - 44400

Sustaining or closing below 44400 Bank Nifty may move towards its last weekly short targets of 44240 - 44060

So far this week Bank Nifty tested its weekly support at 44710 - 44640 with a low of 44695.05 and bounced back sharply to make high of 45556.45 almost completing all our weekly long targets till 45400 - 45580 on sustaining above 45000 and closed at 45449.75

Now in the coming session Bank Nifty has to break and sustain above 45580 to move towards 45690 - 45840. On the downside Bank Nifty has immediate support at 45240 - 45190 on dips and has to break and sustain below it for a move back to 45000 - 44930 

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 new life time high of 45655.50 on 04th Jul 2023 from the lows of 16116.25 made on 24th March 2020 while Nifty has made a new lifetime high of 19731.85 on 17th Jul 2023 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 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