In the previous session:
Bank Nifty went down by 593 points then went up by 4 points before closing lower by 99 points on Thursday
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 22nd Feb:
Bank Nifty triggered our short trade and completed 2 targets doing 215 points and exceeded it by 200 points but fell short of our last target
For 23rd Feb:
Sustaining above 47075 can move towards 47170 - 47280 - 47570, SL 46965
(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 triggered our weekly long trade and made a high of 47363.40 and now made a low of 46426.85 and closed at 46919.80. The cbsl for the weekly long trade is 46545 which is still intact.
Now in the coming session Bank Nifty sustaining above 47075 can move towards 47280 - 47450. On the downside Bank Nifty sustaining below 46765 can move towards 46560 - 46420
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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