Bank Nifty Outlook for 08th May

 

In the previous session:

Bank Nifty went up by 128 points then went down by 681 points before closing lower by 609 points on Tuesday

Bank Nifty made a new lifetime high of 49974.75 on 30th Apr 2024 from the lows of 16116.25 made on 24th March 2020

On 07th May:

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

For 08th May:

Sustaining above 48475 can move towards 48590 - 48720 - 49070, SL 48345

Sustaining below 48095 can move towards 47980 - 47850 - 47500, SL 48225

(One should ideally look to exit near the 2nd target once the trade is triggered)

In the Previous Week: 

Bank Nifty triggered our weekly long trade above 48615 and made a high of 49974.75 and completed all our weekly long targets till 49530 - 49940 doing 1300 points 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 49200 - 49375 to move towards its initial weekly long targets of 49850 - 49970

Closing above 49970 Bank Nifty may move towards its last weekly long targets of 50380 - 50820

On the downside:

Bank Nifty has to sustain and close below its weekly support at 48645 - 48470 to move towards its initial weekly short targets of 48000 - 47880

Closing below 47880 Bank Nifty may move towards its last weekly short targets of 47470 - 47020

So far this week Bank Nifty made a low of low of 48213.75 and closed at 48285.35 triggering our weekly short trade. The stoploss for the weekly short trade is 48785 on closing basis

Now in the coming session Bank Nifty sustaining below 48095 can move towards 47850 - 47500. On the upside Bank Nifty sustaining above 48475 can move towards 48720 - 48890 where it may face resistance

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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 decision