In the previous session:
Bank Nifty went down by 173 points then went up by 278 points before closing higher by 177 points on Wednesday.
Bank Nifty made a new lifetime high of 43339.15 on 25th Nov from the lows of 16116.25 made on 25th March 2020
On 30th Nov:
Bank Nifty initially triggered our short trade trade and completed 2 targets and more doing 100+ points and then took our TSL. Post that Bank Nifty reversed to trigger our long trade and completed all targets doing 200 points
For 01st Dec:
Sustaining above 43290 enter for 43320 - 43360 - 43460, SL 43250
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its immediate resistance at 43090 - 43160 for a move towards initial long targets of 43340 - 43380.
Sustaining or closing above 43380 Bank Nifty may move towards next long targets of 43530 - 43700
On the downside:
Bank Nifty has to sustain and close below its immediate support at 42880 - 42810 for a move towards initial short targets of 42640 - 42580.
Sustaining or closing below 42580 Bank Nifty may move towards next short targets of 42440 - 42270
So far this week Bank Nifty made a low of 42740 breaking below our weekly support zone and bounced back sharply to make a high of 43332.30 reaching near our initial weekly long targets of 43340 - 43380 and closed at 43231.
Now in the coming session Bank Nifty has to sustain above 43160 to complete the move towards 43340 - 43380. Breaking and sustaining above 43380 Bank Nifty can move further towards 43530 - 43700. On the downside Bank Nifty breaking and sustaining below 42950 can move towards its weekly support of 42880 - 42810 which it needs to hold else breaking and sustaining below 42810 it can fall further towards 42640 - 42580.
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 43339.15 on 25th Nov 2022 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18816.05 on 30th Nov 2022 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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