In the previous week :
Bank Nifty went up by 2320 points before ending the week higher by 1737 points compared to its last weekly closing.
Bank Nifty triggered our long trade last week and did 1880 points .
Bank Nifty had made a life time high of 32613.10 on 30th December and has been trading sideways to negative since then .
Bank Nifty for this week :
- Sustaining above 21355 enter for 21555 - 21715 - 21875
- Further sustaining above 22105 enter for 22240 - 22715 - 23235
- Sustaining below 20715 enter for 20515 - 20355 - 20195
- Further sustaining below 19965 enter for 19825 - 19355 - 18835
As per the above level Bank Nifty has immediate resistance near 21355 - 21555 zone and it has immediate support near 20715 - 20515 zone .
How to use these levels
- For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets
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Disclaimer : These are my personal views and one should do their own research 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.
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