In the previous session:
Bank Nifty went up by 330 points before closing higher by 301 points on Monday
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 06th Nov:
Bank Nifty triggered our long trade with a gap up near our 2nd target and did not give a entry.
For 07th Nov:
Sustaining above 43755 can move towards 43835 - 43930 - 44180, SL 43660
In the Previous Week:
Bank Nifty traded between our long and short trigger zone for the entire week and gave confirmed our long trade on Friday
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 43555 - 43705 to move towards its initial weekly long targets of 44110 - 44215.
Closing above 44215 Bank Nifty may move towards its last weekly long targets of 44565 - 44950
On the downside:
Bank Nifty has to sustain and close below its weekly support at 43080 - 42930 to move towards its initial weekly short targets of 42525 - 42425
Closing below 42425 Bank Nifty may move towards its last weekly short targets of 42070 - 41690
So far this week Bank Nifty tested our weekly resistance zone of 43555 - 43705 with a high of 43648.70 and closed at 43619.40
Now in the coming session Bank Nifty has to break and sustain/close above 43705 to move towards 44110 - 44215. On the downside Bank Nifty sustaining below 43485 can move towards 43310 - 43080
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 decision
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