In the previous session:
Bank Nifty went up by 1670 points before closing higher by 1617 points on Monday
Bank Nifty made a new lifetime high of 46484.45 on 04th Dec 2023 from the lows of 16116.25 made on 24th March 2020
On 04th Dec:
Bank Nifty opened with a massive gap up above our last long target for the day and did not give any trade.
For 05th Dec:
Sustaining above 46635 can move towards 46760 - 46905 - 47290, SL 46495
In the Previous Week:
Bank Nifty triggered our weekly long trade above 44020 and completed all long target will 44580 - 44830 doing 800 points and exceeded it 120 points making a high of 44951.10
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 44970 - 45070 to move towards its initial weekly long targets of 45340 - 45405.
Closing above 45405 Bank Nifty may move towards its last weekly long targets of 45635 - 45890
On the downside:
Bank Nifty has to sustain and close below its weekly support at 44655 - 44560 to move towards its initial weekly short targets of 44290 - 44220
Closing below 44220 Bank Nifty may move towards its last weekly short targets of 43990 - 43740.
So far this week Bank Nifty opened near its last weekly long target zone and moved up further by 500+ points without giving any chance to trade.
Now in the coming session Bank Nifty has to break and sustain above 46635 to move towards 46905 - 47270. On the downside Bank Nifty sustaining below 46225 has immediate support at 45950 - 45600
In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".
Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.
To receive this post daily in your inbox, kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
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
No comments:
Post a Comment