In the previous session :
Bank Nifty went up by 272 points and then went down by 274 points and closed lower by 12 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 25th Jul :
Bank Nifty initially triggered our long trade and almost completed 2 targets doing 100+ points and took our TSL. Post that Bank Nifty reversed to trigger our short trade and again almost completed 2 targets doing 100+ points and took our TSL . Overall Bank Nifty indicated a indecisiveness .
For 26th Jul :
Sustaining above 36850 enter for 36920 - 37010 - 37240 , SL 36760
Now for this week :
On the upside :
Bank Nifty has to sustain and close above 36960 - 37100 where it has its initial resistance for a move towards next targets of 37470 - 37570 .
Sustaining or closing above 37570 Bank Nifty can move towards further targets of 37900 - 38260
On the downside :
Bank Nifty has to sustain and close below 36520 - 36380 where it has its initial support for a move towards next targets of 36000 - 35900 .
Sustaining or closing below 35900 Bank Nifty can move towards further targets of 35580 - 35220
So far this week Bank Nifty made a high of 37011 testing our initial weekly resistance zone and corrected till 36465 testing our initial weekly support zone and closed at 36726. Now in the coming session Bank Nifty has immediate resistance at 37100 which it needs to break and sustain for a move upwards else we may see it face profit booking. On the downside Bank Nifty has immediate support at 36380 which it needs to hold on corrections else we may see further dips towards 36000 - 35900 zone.
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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