In the previous session:
Bank Nifty went up by 232 points then went down by 105 points before closing higher by 158 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 04th Mar:
Bank Nifty triggered our long trade and took our stoploss. Post that it traded sideways the entire day
For 05th Mar:
Sustaining above 47635 can move towards 47740 - 47870 - 48200, SL 47510
(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 sustaining/closing below 46180 and completed all targets till 45940 - 45670 with a low of 45661.75
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 47590 - 47790 to move towards its initial weekly long targets of 48310 - 48440
Closing above 48440 Bank Nifty may move towards its last weekly long targets of 48890 - 49380
On the downside:
Bank Nifty has to sustain and close below its weekly support at 46980 - 46790 to move towards its initial weekly short targets of 46265 - 46130
Closing below 46130 Bank Nifty may move towards its last weekly short targets of 45690 - 45200
So far this week Bank Nifty has made a high of 47529.60 and closed at 47456.10.
Now in the coming session Bank Nifty has immediate resistance at 47590 - 47790 and has to close above if for a further move. On the downside Bank Nifty sustaining below 47280 can move towards 47045 - 46900
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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