In the previous session:
Bank Nifty went up by 57 points then went down by 284 points before closing lower by 84 points on Monday
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 22nd May:
Bank Nifty initially triggered our short trade and completed all targets doing 210 points.
For 23rd May:
Sustaining above 43955 enter for 44000 - 44050 - 44170, SL 43900
Sustaining below 43810 enter for 43780 - 43720 - 43600, SL 43865
In the Previous Week:
Bank Nifty initially traded the entire week sideways between our long and short confirmation zone and did not give a close above 44240 nor below 43340 for a directional trade
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 44090 - 44160 for a move towards its initial weekly long targets of 44350 - 44400.
Sustaining or closing above 44400 Bank Nifty may move towards next long targets of 44560 - 44750
On the downside:
Bank Nifty has to sustain and close below its weekly support at 43850 - 43780 for a move towards its initial weekly short targets of 43590 - 43540
Sustaining or closing below 43540 Bank Nifty may move towards its next short targets of 43380 - 43200
So far this week Bank Nifty has made a low of 43684.90 breaking below the weekly support zone of 43850 - 43780 and closed at 43885 just above it.
Now in the coming session Bank Nifty breaking and sustaining below 43780 can move towards its initial weekly short targets of 43590 - 43540 and breaking below it can move further towards 43380 - 43200. On the upside Bank Nifty has immediate resistance at 44090 - 44160 and has to break and sustain above it for a further move towards 44350 - 44400.
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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