Bank Nifty Outlook for 03rd Aug

 In the previous session:  

Bank Nifty went down by 871 points before closing lower by 597 points on Wednesday.

Bank Nifty made a new lifetime high of 46369.50 on 21st Jul 2023 from the lows of 16116.25 made on 25th March 2020

On 02nd Aug:

Bank Nifty triggered our short trade with a gap down below our 2nd short target and completed all targets and fell further by 450 points

For 03rd Aug:

Sustaining above 45090 enter for 45140 - 45210 - 45380, SL 45020

Sustaining below 44900 enter for 44850 - 44780 - 44615, SL 44970

In the Previous Week: 

Bank Nifty triggered our weekly short trade on closing above 45800 and almost reached our last weekly short target zone of 45200 - 44930 with a low of 45238.80 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 45630 - 45730 for a move towards its initial weekly long targets of 46010 - 46080. 

Sustaining or closing above 46080 Bank Nifty may move towards its last weekly long targets of 46310 - 46580

On the downside:

Bank Nifty has to sustain and close below its weekly support at 45300 - 45200 for a move towards its initial weekly short targets of 44930 - 44860

Sustaining or closing below 44860 Bank Nifty may move towards its last weekly short targets of 44620 - 44360

So far this week Bank Nifty had made a high of 45782.75 breaking its weekly resistance zone of 45630 - 45730 and closed at 45592.50 below it and today gapped down and triggered our weekly short trade and made a low of 44720.90 completing our initial weekly short target of 44930 - 44860 and closed at 44995.70

Now in the coming session Bank Nifty has to break and sustain below 44860 to move towards its last weekly short targets of 44620 - 44360. On the upside Bank Nifty has immediate resistance at 45200 - 45300 and has to break and sustain above it move towards 45400 - 45500 

In case of a gap up beyond the first target then for upside fresh updated levels intraday follow the telegram channel "simplytradestocks".

Bank Nifty has now made a new life time high of 46369.50 on 21st Jul 2023 from the lows of 16116.25 made on 24th March 2020 while Nifty has made a new lifetime high of 19991.85 on 20th 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