In the previous session :
Bank Nifty went up by 470 points before closing higher by 215 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 30th May :
Bank Nifty triggered our long trade with a gap up near our 1st target and went up further by 100+ points .
For 31st May :
Sustaining above 36090 enter for 36200 - 36300 - 36680 , SL 35890
Now for this week :
On the upside :
Bank Nifty has to sustain and close above 35960 - 36180 where it has its initial resistance for a move towards next targets of 36770 - 36930 .
Sustaining or closing above 36930 Bank Nifty can move towards further targets of 37430 - 37990
On the downside :
Bank Nifty has to sustain and close below 35270 - 35050 where it has its initial support for a move towards next targets of 34460 - 34300 .
Sustaining or closing below 34300 Bank Nifty can move towards further targets of 33800 - 33250
So far this week Bank Nifty made a high of 36083.70 testing our initial resistance zone and closed at 35826.95 below it . Now in the coming session Bank Nifty has to break and sustain above
36180 to move up further towards 36770 - 36930 . On the downside Bank Nifty has immediate support at 35500 - 35350 which it needs to hold on dips to bounce back.
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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