In the previous session :
Bank Nifty went up by 198 points then went down by 212 points before closing lower by 126 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 25th Aug :
Bank Nifty initially triggered our long trade and completed just 1 target and took our TSL. Post that Bank Nifty reversed to trigger our short trade and again completed just 1 target indicating indecisiveness on the next move.
For 26th Aug :
Sustaining above 35705 enter for 35780 - 35865 - 36090 , SL 35620
Now for this week :
Bank Nifty has immediate resistance near 35185 - 35275 and sustaining or closing above we can see a further move towards 35530 - 35595 zone
Bank Nifty has immediate support near 34885 - 34790 and sustaining or closing below that we can see a move towards 34535 - 34470 zone
So far this week Bank Nifty made a high of 35910.30 breaking above our next resistance zone and testing our last target zone and reversed to close below 35600 . Now in the coming session sustaining above 35595 we can see Bank Nifty again move towards 35815 - 36055 and breaking below 35465 we can see it fall towards 35300 - 35200 .
In the month of July Bank Nifty made a high of 35985.25 and made a low of 34115.20.
As mentioned at the start of the month " Now for the month of August Bank Nifty has to give a consecutive close above 35300 for a further move on the upside . On the downside Bank Nifty has to give a consecutive close below 33870 for a further correction." , and Bank Nifty has made a high of 36317 so far doing 1000 points . Post that Bankk Nifty had to give a close above 36250 for a further move towards 36600 - 36900 next and failing to do so we saw it dip till 34926.50.
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 16349.45 on 06th Aug 2021 from the lows of 7511 made on 24th March 2020.
Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .
To receive this post daily in your inbox, kindly register by adding your email id in 6 the 'Subscribe to my posts' section on the top right side of the blog.
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.
No comments:
Post a Comment