In the previous session :
Bank Nifty went up by 512 points then went down by 212 points before closing higher by 323 points on Wednesday as compared to its previous day's close .
Bank Nifty had made a life time high of 32613.10 on 30th December and has since then corrected by 15822 points .
On 21st Oct :
Bank Nifty initially triggered our long trade and completed 2 targets doing 300+ points before taking our TSL . Post that Bank Nifty reversed to trigger to short trade but did not complete any targets and took our stoploss. Then once again Bank Nifty triggered our long trade and did 150 points on a roller coaster day.
For 22nd Oct :
Sustaining above 24820 enter for 24935 - 25065 - 25415 , SL 24690
Now for this week :
Bank Nifty has immediate resistance near 23800 - 23970 and above it next resistance near 24430 - 24550 zone
Bank Nifty has immediate support near 23265 - 23095 and below that next support near 22640 - 22520 zone
As mentioned above , Bank Nifty today made a high of 24823.60 breaking above the next resistance and sharply corrected nearly 800 points intraday before closing above the next resistance zone at 24635.05 . Bank Nifty has been showing good strength and if sustains above 24550 then we can see a move towards 25200 - 25400 next. Bank Nifty outperformance is reducing the divergence which had been created in the previous upmove in August and can continue for sometime.
Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .
Bank Nifty had made a low of 16116.25 on 24th March.
Bank Nifty has made a high of 25232.60 on 31st Aug in the bounce from the fall till 16116.25 while Nifty has made a high of 12025.45 on 15th Oct from the lows of 7511
How to use these levels
- Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels.
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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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