In the previous session :
Bank Nifty went up by 172 points then went down by 227 points before closing lower by 26 points on Wednesday.
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 20th Apr :
Bank Nifty initially triggered our long trade and completed 1 target and took our TSL. Post that Bank Nifty reversed to trigger our short trade and again completed just 1 target and took our TSL indicating indecisiveness .
For 21st Apr :
Sustaining above 36420 enter for 36485 - 36560 - 36750 , SL 36340
Now for this week :
On the upside :
Bank Nifty has to sustain and close above 37840 - 38080 where it has its initial resistance for a move towards next targets of 38720 - 38890 .
Sustaining or closing above 38890 Bank Nifty can move towards further targets of 39440 - 40050
On the downside :
Bank Nifty has to sustain and close below 37080 - 36850 where it has its initial support for a move towards next targets of 36200 - 36040 .
Sustaining or closing below 36040 Bank Nifty can move towards further targets of 35480 - 34870
So far this week Bank Nifty has made a low of 35926.30 breaking below our next weekly support zone and closed at 36314.90 . Now in the coming session Bank Nifty has immediate support at 36200 - 36040 and breaking and sustaining below it can move towards 35480 - 34870 . Holding above 36200 Bank Nifty can move towards 36850 - 37080 where it has immediate resistance.
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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