In the previous session :
Bank Nifty went up by 148 points then went down by 411 points before closing lower by 350 points on Thursday.
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 20th May:
Bank Nifty triggered our short trade and nearly completed 2 targets doing 220 points .
For 21st May :
Sustaining above 33540 enter for 33660 - 33800 - 34180 , SL 33390
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. Post that Bank Nifty had to break the broader trading range on the upside and ideally close above 34500 for further gains which it could do and it corrected till 33273.95.
Now as long as Bank Nifty is closing above 33000 we can see it bounce back and closing below it we can see it correct further towards 32750 - 32500 zone.
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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