In the previous week :
Bank Nifty went down by 1148 points then went up by 813 points before ending the week higher by 683 points compared to its last weekly closing.
Bank Nifty initially triggered our short trade last week and did 1230 points and for further correction we needed Bank Nifty to sustain / close below 19580 which did not happen. Post that Bank Nifty reversed and triggered our long trade and did 527 points on the upside.
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 21655 enter for 21845 - 22005 - 22160
- Further sustaining above 22385 enter for 22520 - 22985 - 23490
- Sustaining below 21025 enter for 20830 - 20670 - 20515
- Further sustaining below 20290 enter for 20155 - 19695 - 19185
As per the above level Bank Nifty has immediate resistance near 21655 - 21845 zone and it has immediate support near 21025 - 20830 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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