Bank Nifty went up by 294 points then went down by 20 points before closing higher by 125 points on Tuesday.
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 28th Dec :
Bank Nifty triggered our long trade but did not complete any target and took our SL. Post that Bank Nifty traded sideways the entire session indicating indecisiveness.
For 29th Dec :
Sustaining above 35380 enter for 35500 - 35650 - 36020 , SL 35245
Sustaining below 34980 enter for 34870 - 34720 - 34350 , SL 35125
Now for this week :
Bank Nifty has to break and sustain above 35160 - 35350 where it has its initial resistance for a further move towards 35870 - 36000 where it has its next resistance for the week
Bank Nifty has to break and sustain below 34550 - 34360 where it has its initial support for a further move towards 33840 - 33700 where it has its next support for the week
So far this week Bank Nifty made a low of 34233 breaking below our initial weekly support zone and bounced back sharply to make a high of 35352.40 testing our initial resistance zone and closed within it . Now in the coming session Bank Nifty has to break and sustain above 35350 to move further towards 35870 - 36000 . Bank Nifty has immediate support at 35000 and breaking and sustaining below it we may see it correct towards 34700 - 34400 zone.
Bank Nifty has to reclaim 35750 on closing basis to regain strength .
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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