In the previous session:
Bank Nifty went down by 442 points then went up by 44 points before closing lower by 36 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 27th Sep:
Bank Nifty triggered our short trade and completed 2 targets doing 180 points and exceeded it by another 130 points and then took our TSL.
For 28th Sep:
Sustaining above 44710 can move towards 44780 - 44865 - 45090, SL 44625
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 44182.50 breaking our weekly support zone of 44370 - 44220 and bounced back sharply to close today at 44588.30.
Now in the coming session Bank Nifty has immediate resistance at 44850 - 45000 and has to break and sustain/close above 45000 for a further move towards 45400 - 45510. On the downside Bank Nifty has immediate support at 44370 - 44220 and has to sustain/close below 44220 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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