In the previous session :
Bank Nifty went down by 442 points then went up by 455 points before closing higher by 86 points on Monday.
Bank Nifty made a new life time high of 41829.60 in this upmove from the lows of 16116.25 made on 24th March
On 21st Feb :
Bank Nifty initially triggered our short trade and took our stoploss. Post that Bank Nifty triggered our long trade and again missed completing our 1st target by 10 points and took our stoploss indicating indecisiveness overall.
For 22nd Feb :
Sustaining above 37975 enter for 38150 - 38360 - 38900 , SL 37775
Now for this week :
Bank Nifty has to break and sustain above 38070 - 38360 where it has its initial resistance for a move towards next targets of 39160 - 39370 . Sustaining or closing above 39370 Bank Nifty can move towards further targets of 40060 - 40820.
Bank Nifty has to break and sustain below 37130 - 36830 where it has its initial support for a move towards next targets of 36030 - 35830 . Sustaining or closing below 35830 Bank Nifty can move towards further targets of 35140 - 34380 .
So far this week Bank Nifty made a low of 37156.80 nearly testing our initial weekly support zone of 37130 - 36830 and bounced back to make a high of 38054.40 nearly testing our initial weekly resistance zone of 38070 - 38360 before closing at 37685.60 . Now in the coming session Bank Nifty has to break above the immediate range of 37130 - 38070 for a move towards the slightly bigger range of 36830 - 38360 and unless it breaks this range decisively we may see it trading sideways .
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 41829.60 on 25th Oct 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18604.45 on 19th Oct 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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