In the previous session:
Bank Nifty went up by 255 points then went down by 995 points before closing lower by 741 points on Wednesday.
Bank Nifty made a new lifetime high of 44151.80 on 14th Dec 2022 from the lows of 16116.25 made on 25th March 2020
On 21st Dec:
Bank Nifty initially triggered our long trade and completed 2 targets doing 140 points. Post that Bank Nifty reversed to trigger our short trade and completed all targets and more doing 800+ points
For 22nd Dec:
Sustaining above 42740 enter for 42815 - 42900 - 43130, SL 42650
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its immediate resistance at 43400 - 43510 for a move towards initial long targets of 43810 - 43890.
Sustaining or closing above 43890 Bank Nifty may move towards next long targets of 44150 - 44440
On the downside:
Bank Nifty has to sustain and close below its immediate support at 43040 - 42930 for a move towards initial short targets of 42630 - 42550.
Sustaining or closing below 42550 Bank Nifty may move towards next short targets of 42290 - 42000
So far this week Bank Nifty made a high of 43614.65 breaking above its weekly resistance zone of 43400 - 43510 but could not sustain and fell sharply today to make a low of 42363.80 completing our initial short targets of 42630 - 42550 and reached near our last weekly short target zone of 42290 - 42000.
Now in the coming session Bank Nifty has to break and sustain below 42550 to move towards its last weekly short target of 42290 - 42000. On the upside Bank Nifty has immediate resistance at 42930 - 43040.
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 44151.80 on 14th 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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