Bank Nifty Outlook for 09th May

 

In the previous session:

Bank Nifty went down by 434 points before closing lower by 264 points on Wednesday

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 08th May:

Bank Nifty triggered our short trade and completed 2 targets doing 240 points

For 09th May:

Sustaining above 48210 can move towards 48325 - 48460 - 48810, SL 48080

Sustaining below 47835 can move towards 47720 - 47580 - 47230, SL 47965

(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 47851.15 completing our initial weekly short targets of 48000 - 47880 and closed at 48021.10. The trailing stoploss for the weekly short trade is 48510 on 75 mins closing basis

Now in the coming session Bank Nifty sustaining below 47835 can move towards 47580 - 47400 where it take support . On the upside Bank Nifty sustaining above 48210 can move towards 48460 - 48630 where it may face resistance

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

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.                              

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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

Nifty Outlook for 09th May

 In the previous session:

Nifty went down by 117 points then went up by 66 points before closing exactly flat at 0 points on Wednesday 

Nifty made a new lifetime high of 22794.70 on 03rd May 2024 from the lows of 7511.10 made on 24th March 2020

On 08th May:

Nifty triggered our short trade and completed 2 targets doing 65 points 

For 09th May:

Sustaining above 22355 can move towards 22385 - 22420 - 22510, SL 22315

Sustaining below 22250 can move towards 22220 - 22185 - 22090, SL 22290

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

In the Previous Week: 

Nifty triggered our weekly long trade sustaining above 22575 and made a high of 22794.70 doing 200 points completing our initial weekly long targets

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 22560 - 22610 to move towards its initial weekly long targets of 22750 - 22790

Closing above 22790 Nifty may move towards its last weekly long targets of 22910 - 23040

On the downside:

Nifty has to sustain and close below its weekly support at 22390 - 22340 to move towards its initial weekly short targets of 22200 - 22160

Closing below 22160 Nifty may move towards its last weekly short targets of 22040 - 21910

So far this week Nifty has made a low of 22185.20 almost completing our initial weekly short targets till 22200 - 22160 and closed at 22302.50 exactly as the previous day. The trailing stoploss for the weekly short trade is now 22435 on 75 mins closing basis

Now in the coming session Nifty sustaining below 22250 can move towards 22185 - 22090. On the upside Nifty sustaining above 22355 can move towards 22420 - 22500 where it may face resistance.

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

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