In the previous session:
Bank Nifty went up by 295 points then went down by 100 points before closing higher by 120 points on Friday.
Bank Nifty made a new lifetime high of 41829.60 in this upmove from the lows of 16116.25 made on 24th March
On 02nd Sep:
Bank Nifty triggered our long trade and took our stoploss. Post that Bank Nifty traded sideways for the entire session between our long and short trigger points.
For 05th Sep:
Sustaining above 39640 enter for 39770 - 39940 - 40350, SL 39490
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its immediate resistance at 39780 - 40000 for a move towards initial long targets of 40620 - 40780.
Sustaining or closing above 40780 Bank Nifty may move towards next long targets of 41300 - 41890
On the downside:
Bank Nifty has to sustain and close below its immediate support at 39060 - 38830 for a move towards initial short targets of 38220 - 38060.
Sustaining or closing below 38060 Bank Nifty may move towards next short targets of 37540 - 36950
In case 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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