In the previous session:
Bank Nifty went up by 167 points then went down by 337 points before closing lower by 243 points on Thursday
Nifty made a new lifetime high of 19991.85 on 20th Jul 2023 from the lows of 7511.10 made on 24th March 2020
On 31st Aug:
Bank Nifty triggered our long trade and completed just 1 target and took our stoploss. Post that Bank Nifty reversed to trigger our short trade and almost completed all short targets doing 250 points
For 01st Sep:
Sustaining above 44080 enter for 44140 - 44205 - 44375, SL 44015
In the Previous Week:
Bank Nifty triggered our weekly long trade above 43990 and competed all our weekly long targets till 44300 - 44440 and exceeded it with a high of 44949.90
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 44360 - 44440 to move towards its initial weekly long targets of 44650 - 44710.
Closing above 44710 Bank Nifty may move towards its last weekly long targets of 44890 - 45090
On the downside:
Bank Nifty has to sustain and close below its weekly support at 44100 - 44020 to move towards initial weekly short targets of 43810 - 43750
Closing below 43750 Bank Nifty may move towards its last weekly short targets of 43570 - 43370
So far this week Bank Nifty has made a high of 44779.65 breaking above our weekly resistance zone of 44360 - 44440 and completed our initial weekly long targets will 44650 - 44710 and had taken our weekly long stoploss yesterday. Today Bank Nifty made a low of 43895.05 breaking below our weekly support zone at 44100 - 44020 and closed at 43989.15
Now in the coming session Bank Nifty sustaining below 44020 can move towards 43810 - 43750. On the upside Bank Nifty breaking and sustaining above 44100 has immediate resistance at 44200 - 44360
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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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