In the previous session:
Bank Nifty went down by 138 points then went up by 580 points before closing higher by 384 points on Wednesday
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 06th Mar:
Bank Nifty triggered our long trade and completed 2 targets doing 230 points and exceeded it by 170 points but missed our last target
For 07th Mar:
Sustaining above 48145 can move towards 48255 - 48380 - 48700, SL 48020
(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 48161.25 and closed at 47965.40 today triggering our weekly long trade. We have only one session left this week and one should keep a hourly cbsl of 47700 for the weekly long trade
Now in the coming session Bank Nifty sustaining above 48145 has immediate resistance at 48380 - 48550. On the downside Bank Nifty sustaining below 47785 can move towards 47550 - 47400
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