In the previous session :
Bank Nifty went down by 270 points then went up by 276 points and closed higher by 120 points on Tuesday.
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 02nd Aug :
Bank Nifty initially triggered our long trade and completed 2 targets and more doing 150 points and then took our trailing stoploss. Post that Bank Nifty reversed to trigger our long trade and again completed 2 targets and more doing 150 points.
For 03rd Aug :
Sustaining above 38130 enter for 38195 - 38275 - 38475 , SL 38050
Now for this week :
On the upside :
Bank Nifty has to sustain and close above its immediate resistance at 37660 - 37770 for a move towards initial targets of 38060 - 38140 .
Sustaining or closing above 38140 Bank Nifty may move towards next targets of 38380 - 38660
On the downside :
Bank Nifty has to sustain and close below its immediate support at 37320 - 37210 for a move towards initial targets of 36930 - 36850 .
Sustaining or closing below 36850 Bank Nifty may move towards next targets of 36600 - 36330
So far this week Bank Nifty made a high of 38179.85 completing its initial weekly long targets of 38060 - 38140 and closed at 38024 . Now in the coming session Bank Nifty has to break and sustain above 38140 to move towards its next targets of 38380 - 38660 and if it fails to break and sustain 38140 then we may see profit booking. On the downside Bank Nifty has immediate support at 37660 and breaking and sustaining below it can correct towards 37320 - 37210 .
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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