In the previous session:
Bank Nifty went down by 703 points before closing lower by 595 points on Wednesday
Bank Nifty made a new lifetime high of 46369.50 on 21st Jul 2023 from the lows of 16116.25 made on 24th March 2020
On 20th Sep:
Bank Nifty triggered our short trade by opening 90 points below our last target and did not give any entry and fell further by 220 points.
For 21st Sep:
Sustaining above 45515 can move towards 45590 - 45680 - 45920, SL 45420
In the Previous Week:
Bank Nifty triggered our weekly long trade above 45425 and completed all our weekly long targets till 46025 - 46290 with a high of 46310.40 doing 865 points
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 46370 - 46450 to move towards its initial weekly long targets of 46685 - 46745.
Closing above 46745 Bank Nifty may move towards its last weekly long targets of 46945 - 47165
On the downside:
Bank Nifty has to sustain and close below its weekly support at 46095 - 46010 to move towards initial weekly short targets of 45780 - 45720
Closing below 45720 Bank Nifty may move towards its last weekly short targets of 45520 - 45300
So far this week Bank Nifty has made a low of 45276.40 completing all our weekly short targets on closing below our weekly support zone of 46095 - 46010 in the previous session and gave a move of 700 points
Now in the coming session Bank Nifty has immediate resistance at 45720 - 45780 on bounce. On the downside Bank Nifty sustaining below 45255 can move towards 45100 - 45000 where it has its next support.
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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 decision
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