In the previous session:
Bank Nifty went down by 41 points then went up by 528 points before closing higher by 485 points on Wednesday
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 24th Aug:
Bank Nifty triggered our long trade with a gap up above our 2nd targets and completed all long targets but did not give a chance to trade.
For 25th Aug:
Sustaining above 44580 enter for 44630 - 44690 - 44840, SL 44520
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 44949.90 breaking above our weekly resistance zone of 43940 - 43990 and completed all our weekly long targets till 44300 - 44440 and exceeded our weekly long targets by 500 points.
Now in the coming session Bank Nifty has immediate support at 44440 - 44300 and if breaks and sustains below it then can correct further towards 44180 - 44140. On the upside Bank Nifty has to sustain above 44440 for a retest of 44630 - 44750.
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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