In the previous session:
Bank Nifty went up by 182 points then went down by 195 points before closing lower by 134 points on Thursday.
Bank Nifty made a new lifetime high of 44498.60 on 30th May 2023 from the lows of 16116.25 made on 25th March 2020
On 22nd Jun:
Bank Nifty initially triggered our long trade and completed just 1 target and took our stoploss. Post that Bank Nifty triggered our short trade and again completed just 1 target indicating indecisiveness.
For 23rd Jun:
Sustaining above 43835 enter for 43900 - 43975 - 44170, SL 43755
Sustaining below 43615 enter for 43550 - 43475 - 43280, SL 43695
In the Previous Week:
Bank Nifty triggered our short trade below 43790 and nearly touched our last weekly short target zone of 43340 - 43140 with a low of 43397.50 and bounced sharply on Friday
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 44110 - 44220 for a move towards its initial weekly long targets of 44500 - 44580.
Sustaining or closing above 44580 Bank Nifty may move towards its last weekly long targets of 44830 - 45100
On the downside:
Bank Nifty has to sustain and close below its weekly support at 43770 - 43660 for a move towards its initial weekly short targets of 43370 - 43290
Sustaining or closing below 43290 Bank Nifty may move towards its last weekly short targets of 43050 - 42770
So far this week Bank Nifty made a high of 44042.15 and made a low of 43345.95 reaching our initial weekly short target zone of 43370 - 43290 and closed at 43724.85
Now in the coming session Bank Nifty sustaining above 43835 has immediate resistance at 44110 - 44220 and has to break and sustain above it for a further move towards 44500 - 44580. On the downside Bank Nifty sustaining below 43615 has immediate support at 43370 - 43290 and has to break and sustain below it for a further correction towards 43050 - 42770.
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 44498.60 on 30th May 2023 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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