In the previous session :
Bank Nifty went down by 880 points before closing lower by 642 points on Friday.
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 06th May :
Bank Nifty triggered our short trade with a big gap down near our last target and did not give a chance to enter
For 09th May :
Sustaining above 34750 enter for 34840 - 34950 - 35230 , SL 34635
Now for this week :
On the upside :
Bank Nifty has to sustain and close above 34840 - 35000 where it has its initial resistance for a move towards next targets of 35420 - 35530 .
Sustaining or closing above 35530 Bank Nifty can move towards further targets of 35890 - 36290
On the downside :
Bank Nifty has to sustain and close below 34340 - 34190 where it has its initial support for a move towards next targets of 33760 - 33660 .
Sustaining or closing below 33660 Bank Nifty can move towards further targets of 33300 - 32900
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
So far for the month Bank Nifty breaking and sustaining below its monthly support of 35570 - 35250 has made a low of 35127.85 almost testing its next support zone of 34350 - 34100. Now on closing below 34100 we can see a further correction towards 33400 - 32950 . Immediate strong resistance for Bank Nifty on a strong bounce now is near 35250 - 35570
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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