In the previous session:
Bank Nifty went down by 422 points then went up by 13 points before closing lower by 108 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 14th Aug:
Bank Nifty triggered our short trade and almost completed all targets doing 300 points
For 16th Aug:
Sustaining above 44200 enter for 44265 - 44340 - 44540, SL 44125
In the Previous Week:
Bank Nifty triggered our weekly short trade below 44560 and completed our initial weekly short targets till 44230 - 44150 with a low of 44120.90
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 44380 - 44490 to move towards its initial weekly long targets of 44790 - 44870.
Closing above 44870 Bank Nifty may move towards its last weekly long targets of 45130 - 45410
On the downside:
Bank Nifty has to sustain and close below its weekly support at 44020 - 43910 to move towards initial weekly short targets of 43610 - 43530
Closing below 43530 Bank Nifty may move towards its last weekly short targets of 43270 - 43000
So far this week Bank Nifty has made a low of 43776.90 breaking below our weekly support and closed at 44090.95 well above it.
Now in the coming session Bank Nifty has immediate resistance at 44380 - 44490 and has to break and close above it for a further move towards 44790 - 44870. On the downside Bank Nifty has immediate support at 44020 - 43910 and has to close below it for a move towards 43610 - 43530.
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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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