In the previous session:
Bank Nifty went up by 149 points then went down by 63 points before closing lower by 9 points on Tuesday
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 22nd Aug:
Bank Nifty triggered our long trade with a gap up near our 2nd target and did not give a trade
For 23rd Aug:
Sustaining above 44050 enter for 44085 - 44125 - 44230, SL 44010
In the Previous Week:
Bank Nifty triggered our weekly short trade below 43910 and tested our initial targets of 43610 -43530 with a low of 43600.35
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 43940 - 43990 to move towards its initial weekly long targets of 44140 - 44180.
Closing above 44180 Bank Nifty may move towards its last weekly long targets of 44300 - 44440
On the downside:
Bank Nifty has to sustain and close below its weekly support at 43760 - 43710 to move towards initial weekly short targets of 43570 - 43520
Closing below 43520 Bank Nifty may move towards its last weekly short targets of 43400 - 43260
So far this week Bank Nifty has made a high of 44151.30 breaking above our weekly resistance zone and closed at 43993.25 above it.
Now in the coming session Bank Nifty has immediate support at 43760 - 43710 which it has to hold for a bounce. On the upside Bank Nifty sustaining above 43990 can move towards its initial weekly long targets of 44140 - 44180. Those who have taken a long trade based on weekly levels should keep a stoploss of 43890 on closing basis
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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