In the previous session :
Bank Nifty went up by 543 points then went down by 159 points before closing lower by 28 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 23rd May :
Bank Nifty triggered our long trade and almost completed 2 targets doing 250+ points and took our TSL.
For 24th May :
Sustaining above 34510 enter for 34660 - 34850 - 35330 , SL 34320
Now for this week :
On the upside :
Bank Nifty has to sustain and close above 34700 - 34960 where it has its initial resistance for a move towards next targets of 35680 - 35860 .
Sustaining or closing above 35860 Bank Nifty can move towards further targets of 36480 - 37150
On the downside :
Bank Nifty has to sustain and close below 33850 - 33590 where it has its initial support for a move towards next targets of 32880 - 32690 .
Sustaining or closing below 32690 Bank Nifty can move towards further targets of 32070 - 31400
So far this week Bank Nifty made a high of 34819.95 testing our initial weekly resistance zone of 34700 - 34960 and corrected to make a low of 34117.35 well above our initial weekly support zone. Now in the coming session Bank Nifty has immediate support at 33850 - 33590 incase of a gap down or correction which it needs to hold for a bounce. Bank Nifty has immediate resistance at 34700 - 34960 incase of a gap up or upmove and it needs to break and close above this zone for a further move else we may see it dip again.
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 - 34350 which it needs to break and close above for a further bounce towards 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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