In the previous session :
Bank Nifty went up by 120 points then went down by 1199 points before closing lower by 626 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 24th Jan :
Bank Nifty initially triggered our long trade and took our stoploss. Post that Bank Nifty triggered our short trade and completed all targets and more doing 1100 points .
For 25th Jan :
Sustaining above 37035 enter for 37085 - 37145 - 37310 , SL 36970
Now for this week :
Bank Nifty has to break and sustain above 37680 - 37750 where it has its initial resistance for a move towards next targets of 37930 - 37970 where it has its next resistance for the week
Bank Nifty has to break and sustain below 37470 - 37400 where it has its initial support for a move towards next targets of 37225 - 37170 where it has its next support for the week
So far this week Bank Nifty made a low of 36375.35 breaking below both our weekly supports and completed all initial expected targets for the week till 36850 with the low. Now in the coming session Bank Nifty has immediate support at 36120 - 35970 which it needs to hold on closing basis for a bounce . On the upside Bank Nifty has immediate resistance near 37170 - 37225 and above it near 37400 - 37470 which it needs to clear for a further bounce.
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 37224.25. Bank Nifty has immediate support at 37000 - 36800 and holding the same we may see it bounce again.
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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