Bank Nifty Outlook for 20th Jul

 In the previous session:  

Bank Nifty went up by 296 points before closing lower by 258 points on Wednesday.

Bank Nifty made a new lifetime high of 45905.85 on 18th Jul 2023 from the lows of 16116.25 made on 25th March 2020

On 19th Jul:

Bank Nifty triggered our long trade by opening above our 2nd target and then gave a dip to enter and again completed 2 targets and more doing 175+ points

For 20th Jul:

Sustaining above 45775 enter for 45840 - 45920 - 46120, SL 45700

Sustaining below 45560 enter for 45500 - 45420 - 45220, SL 45635

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 45905.85 completing all our weekly long targets till 45400 - 45580 on sustaining above 45000 and closed at 45669.30

Now in the coming session Bank Nifty has immediate resistance at 45800 - 45950 on upmoves and has to give a close above 45950 for further upmove. On the downside Bank Nifty has immediate support at 45400 and has to break and sustain below it to move towards 45240 - 45190.

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 45905.85 on 18th Jul 2023 from the lows of 16116.25 made on 24th March 2020 while Nifty has made a new lifetime high of 19851.70 on 19th Jul 2023 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