In the previous session:
Bank Nifty went up by 153 points then went down by 566 points before closing lower by 466 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 04th Jan:
Bank Nifty triggered our short trade and completed 2 targets and more doing 550 points.
For 05th Jan:
Sustaining above 43145 enter for 43260 - 43390 - 43740, SL 43015
In the Previous Week:
Bank Nifty triggered our weekly long trade on closing above 42020 and completed all weekly long targets till 43160 and exceeded it with a high of 43498
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its immediate resistance at 43310 - 43510 for a move towards initial long targets of 44060 - 44210.
Sustaining or closing above 44210 Bank Nifty may move towards next long targets of 44680 - 45200
On the downside:
Bank Nifty has to sustain and close below its immediate support at 42660 - 42460 for a move towards initial short targets of 41910 - 41770.
Sustaining or closing below 41770 Bank Nifty may move towards next short targets of 41290 - 40770
So far this week Bank Nifty has made a high of 43578.40 breaking its weekly resistance zone of 43310 - 43510 and failed to sustain and reversed today to make a low of 42858.65 coming close to its weekly support zone of 42660 - 42460 and closed at 42958.80
Now in the coming sessions Bank Nifty has immediate support at 42660 - 42460 and breaking and sustaining below it can move towards 41910 - 41770.On the upside Bank Nifty has immediate resistance at 43310 - 43510.
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: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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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