In the previous session:
Bank Nifty went up by 131 points then went down by 105 points before closing lower by 42 points on Monday
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 07th Aug:
Bank Nifty traded sideways between our long and short trigger levels indicating indecisiveness
For 08th Aug:
Sustaining above 44960 enter for 45030 - 45115 - 45340, SL 44875
In the Previous Week:
Nifty triggered our short trade and completed all our weekly short targets till 44620 - 44360 and exceeded it with a low of 44279.40.
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 45070 - 45200 to move towards its initial weekly long targets of 45530 - 45610.
Closing above 45610 Bank Nifty may move towards its last weekly long targets of 45900 - 46200
On the downside:
Bank Nifty has to sustain and close below its weekly support at 44680 - 44560 to move towards initial weekly short targets of 44230 - 44150
Closing below 44150 Bank Nifty may move towards its last weekly short targets of 43860 - 43550
So far this week Bank Nifty has traded between its weekly long and short trigger zones. Now in the coming session Bank Nifty has immediate resistance at 45070 - 45200 on upmoves. On the downside Bank Nifty has immediate support at 44680 - 44560
In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".
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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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