In the previous session:
Bank Nifty went up by 317 points then went down by 242 points before closing lower by 193 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 31st Oct:
Bank Nifty initially triggered our long trade with a gap up near our 2nd target and did not give a trade and took our stoploss. Post that Bank Nifty triggered our short trade and completed just 1 target doing 100 points
For 01st Nov:
Sustaining above 42980 can move towards 43060 - 43160 - 43410, SL 42885
In the Previous Week:
Bank Nifty triggered our weekly short trade below 43450 and completed all targets till 42580 with a low of 42105 by exceeding our expected targets by 475 points
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 42995 - 43125 to move towards its initial weekly long targets of 43485 - 43580.
Closing above 43580 Bank Nifty may move towards its last weekly long targets of 43890 - 44230
On the downside:
Bank Nifty has to sustain and close below its weekly support at 42570 - 42440 to move towards its initial weekly short targets of 42075 - 41985
Closing below 41985 Bank Nifty may move towards its last weekly short targets of 41675 - 41335
So far this week Bank Nifty has made a low of 42390 breaking our weekly support at 42570 - 42440 and bounced back sharply to make a high of 43356.85 breaking our weekly resistance zone at 42995 - 43125 but could not sustain and corrected immediately closing at 42845.95.
Now in the coming session Bank Nifty has to break and sustain/close above 43125 to move towards our initial weekly long targets of 43485 - 43580. On the downside Bank Nifty has immediate support at 42570 - 42440 and has to break and sustain/close below 42440 to move towards its initial weekly short targets of 42075 - 41985
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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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