In the previous session:
Bank Nifty went up by 8 points then went down by 233 points before closing lower by 142 points on Tuesday
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 26th Sep:
Bank Nifty triggered our short trade and completed just 1 target doing 85 points and took our TSL.
For 27th Sep:
Sustaining above 44760 can move towards 44845 - 44940 - 45200, SL 44665
In the Previous Week:
Bank Nifty triggered our weekly short trade below 46010 and completed all our weekly short targets till 45520 - 45300 doing 700 points and exceeded it further by 750 points making a low of 44548.90
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 44850 - 45000 to move towards its initial weekly long targets of 45400 - 45510.
Closing above 45510 Bank Nifty may move towards its last weekly long targets of 45860 - 46240
On the downside:
Bank Nifty has to sustain and close below its weekly support at 44370 - 44220 to move towards initial weekly short targets of 43820 - 43710
Closing below 43710 Bank Nifty may move towards its last weekly short targets of 43370 - 43000
So far this week Bank Nifty made a low of 44400.90 almost testing our weekly support zone of 44370 - 44220 and bounced back to make a high of 44936.55 testing our weekly resistance zone of 44850 - 45000 and closed at 44624.20.
Now in the coming session Bank Nifty has immediate resistance at 44850 - 45000 and has to break and close above 45000 for a further move towards 45400 - 45510. On the downside Bank Nifty has immediate support at 44370 - 44220 and has to break and close below 44290 for a further correction towards 43820 - 43710.
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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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