In the previous session :
Bank Nifty went up by 670 points then went down by 130 points before closing lower by 31 points on Thursday.
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 05th May :
Bank Nifty triggered our long trade with a gap up above our 2nd target and went up further by 250 points
For 06th May :
Sustaining above 35395 enter for 35490 - 35610 - 35910 , SL 35280
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 35127.85 breaking below our next weekly support zone and bounced back today till 35934.85 and closed at 35232.85 . Now in the coming session Bank Nifty breaking and sustaining below 35140 has immediate support at 34780 - 34400 and on the upside Bank Nifty has immediate resistance at 35680 - 35840 .
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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