In the previous session :
Bank Nifty went up by 527 points then went down by 41 points before closing higher by 285 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 31st Jan :
Bank Nifty triggered our long trade with a big gap up above our 02nd target and did not give any trade .
For 01st Feb :
Sustaining above 38125 enter for 38220 - 38330 - 38610 , SL 38020
Now for this week :
Bank Nifty has to break and sustain above 37930 - 38070 where it has its initial resistance for a move towards next targets of 38470 - 38570 . Sustaining or closing above 38570 Bank Nifty can move towards further targets of 38915 - 39295.
Bank Nifty has to break and sustain below 37455 - 37310 where it has its initial support for a move towards next targets of 36910 - 36800 . Sustaining or closing below 36800 Bank Nifty can move towards further targets of 36460 - 36080 .
So far this week Bank Nifty made a high of 38217.25 breaking above the immediate weekly resistance and closed within it. Now in the coming session Bank Nifty has to sustain above 38070 for a move towards 38470 - 38570 where it has its immediate target and above it can move up further towards the next targets. On the downside Bank Nifty has immediate support at 37455 - 37310 which it needs to hold else breaking and sustaining below it Bank Nifty can move towards 36910 - 36800 and below it further towards 36460 - 36080 .
As mentioned earlier "Bank Nifty has to give a consecutive close above 35970 to expect a further bounce ", and Bank Nifty after giving a consecutive close went up and made a high of 38855.55 doing around 2900 points. Post that Bank Nifty has reversed to make a low of 36375.35.
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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