In the previous session :
Bank Nifty went up by 410 points then went down by 207 points before closing lower by 126 points on Tuesday.
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 22nd Jun:
Bank Nifty initially triggered our long trade and completed all targets doing 200 points. Post that Bank Nifty reversed to trigger our short trade and completed nearly 2 targets doing 70 points. Bank Nifty indicated indecisiveness on further upmove nearing resistance zones on the upside.
For 23rd Jun :
Sustaining above 34870 enter for 34920 - 34970 - 35150 , SL 34770
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 next resistance zone but failed to sustain and close above it . Now Bank Nifty has to sustain below 34715 to move back towards 34405 - 34235
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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