In the previous session :
Bank Nifty went down by 725 points before closing lower by 620 points on Thursday.
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 24th Mar :
Bank Nifty triggered our short trade with a gap down below our 2nd target and did not give a entry .
For 25th Mar :
Sustaining above 35720 enter for 35835 - 35970 - 36300 , SL 35585
Now for this week :
On the upside :
Bank Nifty has to sustain and close above 36900 - 37200 where it has its initial resistance for a move towards next targets of 38000 - 38200 .
Sustaining or closing above 38200 Bank Nifty can move towards further targets of 38900 - 39670
On the downside :
Bank Nifty has to sustain and close below 35950 - 35650 where it has its initial support for a move towards next targets of 34850 - 34650 .
Sustaining or closing below 34650 Bank Nifty can move towards further targets of 33950 - 33190
So far this week Bank Nifty made a low of 35384.75 breaking below our initial weekly support zone and bounced back to make a high of 36827.60 yesterday and closed today at 35527.10
Had mentioned yesterday that "Now in the coming session Bank Nifty has immediate resistance at 36900 - 37200 which it needs to break and close above for a further move else we may see some selling from this zone. On the upside Bank Nifty has immediate support at 36200 - 36100 zone and below it at 36000 - 35700 zone ." , and yesterday we saw Bank Nifty today reverse from 36827.60 and today from 35421.70. There is no change in view for now till we get a close beyond the range on either side.
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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