In the previous session :
Bank Nifty went down by 983 points before closing lower by 848 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 19th May :
Bank Nifty triggered our short trade with a big gap down below our 2nd target and fell further by 280 points completing all short targets and exceeding it by 90 points.
For 20th May :
Sustaining above 33530 enter for 33665 - 33820 - 34230 , SL 33380
Now for this week :
On the upside :
Bank Nifty has to sustain and close above 33400 - 33570 where it has its initial resistance for a move towards next targets of 34050 - 34170 .
Sustaining or closing above 34170 Bank Nifty can move towards further targets of 34580 - 35030
On the downside :
Bank Nifty has to sustain and close below 32840 - 32670 where it has its initial support for a move towards next targets of 32190 - 32070 .
Sustaining or closing below 32070 Bank Nifty can move towards further targets of 31670 - 31220
So far this week Bank Nifty made a low of 33001.75 and bounced back to make a high of 34655.80 testing our next weekly resistance zone and today corrected till 33180.60 before closing at 33315.65 . Now in the coming session Bank Nifty has immediate resistance at 33400 - 33570 and next resistance at 34050 - 34170 . Bank Nifty has immediate support at 32840 - 32670 on breaking and sustaining below 33000 .
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 33297.65 breaking below its next support zone of 34350 - 34100 and today closed below it too .
As mentioned earlier "Now on sustaining below 34100 we can see a further correction towards 33400 - 32950 . Immediate strong resistance for Bank Nifty on a strong bounce now is near 34840 - 35000 ", and Bank Nifty made a low of 33001.75 on sustaining below 34100 . Now Bank Nifty breaking and sustaining or closing below 33000 can fall further towards 32600 - 32300. Immediate resistance for Bank Nifty is now at 34100 which it needs to break and close above for a further bounce.
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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