In the previous session :
Bank Nifty went down by 620 points then went up by 370 points before closing higher by 313 points on Monday.
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 21st Jun:
Bank Nifty opened below our last short target for the day and did not give a chance to enter. Post that Bank Nifty reversed to trigger our long trade and nearly competed all targets doing 480 points.
For 22nd Jun :
Sustaining above 35000 enter for 35060 - 35100 - 35290 , SL 34900
Now for this week :
Bank Nifty has immediate resistance near 34715 - 34885 and sustaining or closing above we can see a further move towards 35070 - 35140 zone
Bank Nifty has immediate support near 34405 - 34235 and sustaining or closing below that we can see a move towards 34050 - 33980 zone
So far this week Bank Nifty has made a low of 33937.50 testing our next support zone and bounced back sharply to test our initial resistance zone and also closed within it . Now Bank Nifty has to sustain above 34885 to move towards 35070 - 35140
Had mentioned in the last 2 posts "Now Bank Nifty has to close above 34170 on further corrections to make an attempt back to this months highs else closing below it we can see the correction extend towards 33400 - 33120 ." , and we saw Bank Nifty break below 34000 on 2 consecutive session and still mange to bounce back and close well above 34170 and give a sharp upmove.
On the upside Bank Nifty has to close strongly above 34890 to give a indication of moving up towards initially 35460 - 35450 .
Also unless Bank Nifty sustains or closes above 35460 - 35560 zone it will keep coming under pressure on upmoves . .
In the month of May Bank Nifty made a high of 35584.30 and made a low of 31906.55 .
Had mentioned at the start of June series " Now in June Bank Nifty has to give a consecutive close above 36560 for a stronger upmove . On the downside Bank Nifty has to give a consecutive close below 34490 for a stronger correction." , So far Bank Nifty has made a high of 35810.90 and a low of 33908.95 but failed to close beyond the trading range of 34490 - 36560 for a bigger move .
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 15606.35 on 31st May 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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