In the previous session :
Bank Nifty went up by 1337 points before closing higher by 1290 points on Monday.
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 17th May:
Bank Nifty triggered our long trade and completed all targets and more doing 1100+ points .
For 18th May :
Sustaining above 33715 enter for 33820 - 33920 - 34280 , SL 33520
Now for this week :
Bank Nifty has immediate resistance near 32350 - 32460 and sustaining or closing above we can see a further move towards 32760 - 32840 zone
Bank Nifty has immediate support near 31990 - 31880 and sustaining or closing below that we can see a move towards 31580 - 31500 zone
So far this week Bank Nifty made a high of 33506.90 breaking above both the weekly resistance zones and also closed well above the next resistance and has also completed all weekly long targets in a single session. Now Bank Nifty has to sustain above 33575 to make a move towards 33720 - 34060 zone. The strength of this upmove will be tested on breaking above 34000 . Also it would be approaching the outer higher levels of the broader range
Bank Nifty is trading in a broader range of 30400 - 34300 currently.
This month Bank Nifty has strong support on the downside at 31990 - 31490 zone and it needs to give a consecutive close below for further declines .
On the upside Bank Nifty has strong resistance at 33580 - 34070 zone and it needs to give a consecutive close above it for further gains.
In the month of April Bank Nifty made a high of 34287 and made a low of 30405.20 .
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 15431.75 on 16th Feb 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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