In the previous session:
Bank Nifty went up by 185 points then went down by 229 points before closing lower by 143 points on Wednesday.
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 Nov:
Bank Nifty triggered our long trade with a gap up near our 1st target and took our stoploss. Post that Bank Nifty reversed to trigger our short trade and completed 1 target doing 100 points.
For 03rd Nov:
Sustaining above 41280 enter for 41360 - 41450 - 41690, SL 41185
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its immediate resistance at 41220 - 41370 for a move towards initial long targets of 41760 - 41860.
Sustaining or closing above 41860 Bank Nifty may move towards next long targets of 42200 - 42570
On the downside:
Bank Nifty has to sustain and close below its immediate support at 40760 - 40620 for a move towards initial short targets of 40220 - 40120.
Sustaining or closing below 40120 Bank Nifty may move towards next short targets of 39780 - 39410
So far this week Bank Nifty has made a high of 41677.25 breaking above our weekly resistance zone of 41220 - 41370 and almost reached our initial weekly target zone of 41760 - 41860 and closed today at 41146.65.
Now in the coming sessions Bank Nifty has to break and sustain above 41370 to move towards 41760 - 41860. On the downside Bank Nifty has a strong support near 40900 - 40800 zone and can see a bounce if comes towards these levels on corrections.
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 41840.15 on 15th Sep 2022 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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