In the previous session:
Bank Nifty went up by 178 points then went down by 64 points before closing higher by 0.60 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 29th Aug:
Bank Nifty triggered our long trade with a gap up near our 2nd target and did not give a trade
For 30th Aug:
Sustaining above 44575 enter for 44620 - 44680 - 44825, SL 44520
In the Previous Week:
Bank Nifty triggered our weekly long trade above 43990 and competed all our weekly long targets till 44300 - 44440 and exceeded it with a high of 44949.90
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 44360 - 44440 to move towards its initial weekly long targets of 44650 - 44710.
Closing above 44710 Bank Nifty may move towards its last weekly long targets of 44890 - 45090
On the downside:
Bank Nifty has to sustain and close below its weekly support at 44100 - 44020 to move towards initial weekly short targets of 43810 - 43750
Closing below 43750 Bank Nifty may move towards its last weekly short targets of 43570 - 43370
So far this week Bank Nifty has made a high of 44673 breaking above our weekly resistance zone of 44360 - 44440 and closed at 44495.25 triggering our weekly long trade
Now in the coming session Bank Nifty sustaining above 44440 can move towards its initial weekly long targets of 44650 - 44710. On the downside Bank Nifty has immediate support at 44100 - 44020. Since weekly long trade is triggered one should follow a strict closing basis stoploss of 44295 for a long trade.
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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