In the previous session :
Bank Nifty went down by 140 points then went up by 209 points before closing higher by 162 points on Friday.
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 12th Aug :
Bank Nifty initially triggered our short trade and took our stoploss. Post that Bank Nifty reversed to trigger our long trade and completed 2 targets doing 100+ points.
For 16th Aug :
Sustaining above 39135 enter for 39190 - 39250 - 39425 , SL 39070
Now for this week :
On the upside :
Bank Nifty has to sustain and close above its immediate resistance at 39190 - 39280 for a move towards initial targets of 39530 - 39600 .
Sustaining or closing above 39600 Bank Nifty may move towards next targets of 39810 - 40050
On the downside :
Bank Nifty has to sustain and close below its immediate support at 38890 - 38800 for a move towards initial targets of 38550 - 38490 .
Sustaining or closing below 38490 Bank Nifty may move towards next targets of 38270 - 38030
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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