In the previous session :
Bank Nifty went down by 349 points then went up by 306 points before closing higher by 133 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 12th Apr :
Bank Nifty initially triggered our short trade and took our stoploss. Post that Bank Nifty reversed to trigger our long trade and again took our stoploss indicating indecisiveness
For 13th Apr :
Sustaining above 37975 enter for 38115 - 38275 - 38710 , SL 37815
Now for this week :
On the upside :
Bank Nifty has to sustain and close above 38130 - 38350 where it has its initial resistance for a move towards next targets of 38990 - 39150 .
Sustaining or closing above 39150 Bank Nifty can move towards further targets of 39690 - 39990
On the downside :
Bank Nifty has to sustain and close below 37380 - 37150 where it has its initial support for a move towards next targets of 36520 - 36360 .
Sustaining or closing below 36360 Bank Nifty can move towards further targets of 35810 - 35510
So far this week Bank Nifty made a low of 37264.45 testing our initial weekly support zone of 37380 - 37150 and bounced back to close today at 37747.40 . Now in the coming sessions Bank Nifty has immediate support at 37380 - 37150 which it needs to hold on dips for a bounce again . On the upside Bank Nifty has immediate weekly resistance at 38130 - 38350 which it needs to break above and close else we may see it correct again .
Overall Bank Nifty has immediate good resistance at 37350 - 37650 zone which it needs to close above for the next move towards 38400 - 38700 .
Overall Bank Nifty has immediate good support at 35900 - 35600 zone which it needs to hold on correction to continue moving up . Immediate support for Bank Nifty is at 36200.
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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