In the previous session :
Bank Nifty went down by 175 points then went up by 200 points before closing higher by 31 points on Thursday.
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 26th Aug :
Bank Nifty initially triggered our short trade and took our stoploss. Post that Bank Nifty reversed to trigger our long trade and completed just 1 target doing 80 points .
For 27th Aug :
Sustaining above 35735 enter for 35805 - 35890 - 36115 , SL 35655
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 35715 we can see Bank Nifty again move towards 35815 - 36055 and breaking below 35520 we can see it fall towards 35350 - 35250 .
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.
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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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