In the previous session:
Bank Nifty went down by 256 points before closing lower by 194 points on Tuesday.
Bank Nifty made a new lifetime high of 43515.05 on 01st Dec from the lows of 16116.25 made on 25th March 2020
On 06th Dec:
Bank Nifty opened with a gap down near our last short target and did not give a trade. Had posted revised levels on telegram and Bank Nifty traded sideways between our long and short trigger levels.
For 07th Dec:
Sustaining above 43205 enter for 43245 - 43290 - 43410, SL 43160
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its immediate resistance at 43200 - 43260 for a move towards initial long targets of 43425 - 43470.
Sustaining or closing above 43470 Bank Nifty may move towards next long targets of 43610 - 43760
On the downside:
Bank Nifty has to sustain and close below its immediate support at 43010 - 42950 for a move towards initial short targets of 42785 - 42740.
Sustaining or closing below 42740 Bank Nifty may move towards next short targets of 42600 - 42450
So far this week Bank Nifty made a low of 42985 testing its weekly support zone of 43010 - 42950 and bounced back to make high of 43372.15 breaking above our weekly resistance zone of 43200 - 43260 and closed today at 43138.55
Now in the coming session Bank Nifty has to sustain above 43260 to move towards its initial weekly long targets of 43425 - 43470 and sustaining above 43470 can move towards 43610 - 43760. On the downside Bank Nifty has immediate support at 43010 - 42950 and has to break and sustain below it for a move towards 42785 - 42740.
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 43515.05 on 01st Dec 2022 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18887.60 on 01st Dec 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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