In the previous session:
Bank Nifty went up by 42 points and then went down by 716 points before closing lower by 482 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 03rd Aug:
Bank Nifty triggered our short trade and completed all targets and more doing 600 points
For 04th Aug:
Sustaining above 44615 enter for 44675 - 44745 - 44930, SL 44545
In the Previous Week:
Nifty traded mostly sideways with a negative bias between our weekly resistance and support zone indicating indecisiveness in further direction
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 45630 - 45730 to move towards its initial weekly long targets of 46010 - 46080.
Closing above 46080 Bank Nifty may move towards its last weekly long targets of 46310 - 46580
On the downside:
Bank Nifty has to sustain and close below its weekly support at 45300 - 45200 to move towards initial weekly short targets of 44930 - 44860
Closing below 44860 Bank Nifty may move towards its last weekly short targets of 44620 - 44360
So far this week Bank Nifty had made a high of 45782.75 breaking above our weekly resistance zone of 45630 - 45730 and then reversed to trigger our short trade and made a low of 44279.40 completing our last weekly short targets of 44620 - 44360 and closed at 44513.45.
Now in the coming session Bank Nifty has to break and sustain above 44620 to move toward its immediate resistance of 44860 - 44930. On the downside Bank Nifty sustaining below 44360 can move towards 44250 - 44100
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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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