In the previous session :
Bank Nifty went down by 339 points then went up by 310 points before closing higher by 210 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 11th May :
Bank Nifty triggered our short trade and completed 2 targets doing 190 points . Post that Bank Nifty reversed to trigger our long trade and almost completed 2 targets doing 150+ points.
For 12th May :
Sustaining above 34850 enter for 34940 - 35050 - 35330 , SL 34740
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
So far this week Bank Nifty made a low of 33927.20 breaking below our initial weekly support zone and closed today at 34693 above the initial support zone . Now in the coming session Bank Nifty has immediate resistance at 34840 - 35000 zone and breaking and sustaining above it can move up further towards 35420 - 35530 . On the downside Bank Nifty has immediate support at 34100 - 33900 which it needs to hold on dips else breaking and sustaining below 33900 we can see a move towards 33760 - 33660 .
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 33927.20 breaking below 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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