In the previous session :
Bank Nifty went up by 242 points then went down by 740 points and closed lower by 234 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 04th Aug :
Bank Nifty triggered our long trade with a gap up near our 2nd target and did not give a chance to trade . Post that Bank Nifty reversed to trigger our short trade and completed all targets and more doing 600+ points .
For 05th Aug :
Sustaining above 37870 enter for 37935 - 38020 - 38220 , SL 37790
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 38231.85 completing its initial weekly long targets of 38060 - 38140 and reversed to close today at 37755.55 . Now in the coming session Bank Nifty breaking and sustaining below 37600 can move towards 37320 - 37210 again. Bank Nifty has immediate resistance at 38150 - 38250 zone which it needs to close above for a further move on the upside .
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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