In the previous session :
Bank Nifty went up by 36 points then went down by 314 points before closing lower by 237 points on Wednesday.
Bank Nifty made a new life time high of 37708.75 in this upmove from the lows of 16116.25 made on 24th March
On 19th May:
Bank Nifty triggered our short trade and nearly completed just 1 target doing 120 points .
For 20th May :
Sustaining above 33880 enter for 34000 - 34140 - 34500 , SL 33745
Now for this week :
Bank Nifty has immediate resistance near 32350 - 32460 and sustaining or closing above we can see a further move towards 32760 - 32840 zone
Bank Nifty has immediate support near 31990 - 31880 and sustaining or closing below that we can see a move towards 31580 - 31500 zone
So far this week Bank Nifty made a high of 34182.85 breaking above both the weekly resistance zones and has also completed all weekly long targets and exceeded it. Now Bank Nifty has to break the broader trading range on the upside and ideally close above 34500 for further gains.
Bank Nifty is trading in a broader range of 30400 - 34300 currently.
This month Bank Nifty has strong support on the downside at 31990 - 31490 zone and it needs to give a consecutive close below for further declines .
On the upside Bank Nifty has strong resistance at 33580 - 34070 zone and it needs to give a consecutive close above it for further gains.
In the month of April Bank Nifty made a high of 34287 and made a low of 30405.20 .
Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .
Bank Nifty has now made a high of 37708.75 on 16th Feb 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 15431.75 on 16th Feb 2021 from the lows of 7511 made on 24th March 2020.
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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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