In the previous session:
Bank Nifty went down by 259 points then went up by 281 points before closing higher by 125 points on Tuesday
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 05th Mar:
Bank Nifty initially triggered our short trade and took our stoploss. Post that it reversed to trigger our long trade and almost completed 1 target giving 100 points
For 06th Mar:
Sustaining above 47760 can move towards 47865 - 47990 - 48320, SL 47635
(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 47737.85 and closed at 47581 today. Bank Nifty has been trading sideways between our weekly long and short confirmation levels and is yet to trigger a weekly positional trade
Now in the coming session Bank Nifty sustaining above 47760 has immediate resistance at 47990 - 48150. On the downside Bank Nifty sustaining below 47405 can move towards 47170 - 47020
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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