In the previous session:
Bank Nifty went down by 287 points then went up by 42 points before closing higher by 3 points on Thursday
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 25th May:
Bank Nifty triggered our short trade and almost completed all targets doing 210 points.
For 26th May:
Sustaining above 43750 enter for 43790 - 43840 - 43970, SL 43700
Sustaining below 43610 enter for 43570 - 43520 - 43400, SL 43660
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 43390.30 almost reaching our last weekly short target zone of 43380 - 43200 and closed today at 43681.40
Now in the coming session Bank Nifty sustaining below 43780 can move towards 43590 - 43540 and if breaks and sustains below 43540 then can correct further towards 43380 - 43200.On the upside Bank Nifty has immediate resistance at 43850 and has to sustain above it to move towards 44090 - 44160.
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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