Bank Nifty Outlook for 07th Sep

  In the previous session:

Bank Nifty went up by 45 points then went down by 325 points before closing lower by 123 points on Wednesday 

Nifty made a new lifetime high of 19991.85 on 20th Jul 2023 from the lows of 7511.10 made on 24th March 2020

On 06th Sep:

Bank Nifty triggered our short trade and missed our last target but still did 230 points

 

For 07th Sep:

Sustaining above 44500 can move towards 44555 - 44620 - 44790, SL 44435

Sustaining below 44320 can move towards 44260 - 44200 - 44050, SL 44380

In the Previous Week: 

Bank Nifty triggered our weekly long trade above 44440 and competed our initial weekly long targets till 44650 - 44710 with a high of 44779.65 and then took our stoploss.

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 44610 - 44715 to move towards its initial weekly long targets of 45010 - 45090. 

Closing above 45090 Bank Nifty may move towards its last weekly long targets of 45340 - 45620

On the downside:

Bank Nifty has to sustain and close below its weekly support at 44260 - 44150 to move towards initial weekly short targets of 43860 - 43780

Closing below 43780 Bank Nifty may move towards its last weekly short targets of 43530 - 43260

So far this week Bank Nifty made a high of 44668.70 testing our weekly resistance zone of 44610 - 44715 and fell today till 44207.25 testing our weekly support zone of 44260 - 44150 and closed at 44409.10

Now in the coming session Bank Nifty has immediate resistance at 44610 - 44715 and has to break and sustain above it for a move towards 45010 - 45090. On the downside Bank Nifty has immediate support at 44260 - 44150 and has to break and sustain below it for a move towards 43860 - 43780.

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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