In the previous session :
Bank Nifty went down by 470 points then went up by 147 points before closing higher by 75 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 02nd May :
Bank Nifty triggered our short trade by opening below our 2nd short target and did not give a chance to take a position .
For 04th May :
Sustaining above 36315 enter for 36410 - 36510 - 36790 , SL 36210
Now for this week :
On the upside :
Bank Nifty has to sustain and close above 36340 - 36500 where it has its initial resistance for a move towards next targets of 36920 - 37030 .
Sustaining or closing above 37030 Bank Nifty can move towards further targets of 37400 - 37800
On the downside :
Bank Nifty has to sustain and close below 35840 - 35680 where it has its initial support for a move towards next targets of 35250 - 35140 .
Sustaining or closing below 35140 Bank Nifty can move towards further targets of 34780 - 34400
So far this week Bank Nifty made a low of 35618.20 breaking below our initial weekly support but bounced back to close well above 36000. Now in the coming session Bank Nifty has immediate resistance at 36340 - 36500 zone on the upside while Bank Nifty has immediate support at 35840 - 35680 zone on the downside which it needs to hold on closing basis.
For the month of May :
Bank Nifty has immediate good resistance at 36630 - 36930 zone which it needs to close above for the next move towards 37800 - 38000 .
Bank Nifty has immediate good support at 35570 - 35250 zone which it needs to hold on correction else closing below it we may see a further correction towards 34350 - 34100
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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