In the previous session:
Bank Nifty went up by 332 points then went down by 67 points before closing higher by 150 points on Monday
Bank Nifty made a new lifetime high of 48636.45 on 27th Dec 2023 from the lows of 16116.25 made on 24th March 2020
On 19th Feb:
Bank Nifty triggered our long trade and completed just 1 target doing 125 points and took our stoploss
For 20th Feb:
Sustaining above 46730 can move towards 46850 - 46990 - 47360, SL 46595
(One should ideally look to exit near the 2nd target once the trade is triggered)
In the Previous Week:
Bank Nifty triggered our weekly short trade below 45210 and completed our initial targets till 44760 - 44650 with a low of 44633.85 and then took our trailing stoploss. Post that Bank Nifty triggered our weekly long trade above 46060 and again completed our initial targets till 46510 - 46620 with a high of 46693.40.
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 46705 - 46905 to move towards its initial weekly long targets of 47455 - 47595
Closing above 47595 Bank Nifty may move towards its last weekly long targets of 48065 - 48585
On the downside:
Bank Nifty has to sustain and close below its weekly support at 46060 - 45860 to move towards its initial weekly short targets of 45320 - 45170
Closing below 45170 Bank Nifty may move towards its last weekly short targets of 44710 - 44200
So far this week Bank Nifty has made a high of 46717.40 testing our weekly resistance zone and closed at 46535.60
Now in the coming session Bank Nifty has immediate resistance at 46705 - 46905 and has to break and sustain above it to move towards 46990 - 47150. On the downside Bank Nifty sustaining below 46340 can move towards 46080 - 45950
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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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