In the previous session :
Bank Nifty went up by 193 points then went down by 220 points before closing lower by 171 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 23rd Jun:
Bank Nifty initially triggered our long trade and completed just 1 target and took our TSL. Post that Bank Nifty triggered our short trade and completed 2 targets doing 95 points .
For 24th Jun :
Sustaining above 34685 enter for 34725 - 34770 - 34930 , SL 34600
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 . Bank Nifty has closed below 34715 and can move back towards 34405 - 34235
Bank Nifty has support near 33900 - 34170 zone and if holds these levels on dips then we can see a bounce .
On the upside Bank Nifty had to close strongly above 34890 to give a indication of moving up towards initially 35460 - 35450 and today again it failed to sustain or close above 34890 after opening above it.
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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