In the previous session:
Bank Nifty went down by 415 points then went up by 441 points before closing lower by 191 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 14th Mar:
Bank Nifty initially triggered our short trade and completed 2 targets doing 160 points and took our trailing stoploss. Post that Bank Nifty reversed to trigger our long trade but took our stoploss
For 15th Mar:
Sustaining above 46885 can move towards 46940 - 47010 - 47100, SL 46820
(One should ideally look to exit near the 2nd target once the trade is triggered)
In the Previous Week:
Bank Nifty triggered our weekly long trade sustaining/closing above 47790 but failed to complete any targets and went sideways
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 48125 - 48300 to move towards its initial weekly long targets of 48790 - 48915
Closing above 48915 Bank Nifty may move towards its last weekly long targets of 49330 - 49800
On the downside:
Bank Nifty has to sustain and close below its weekly support at 47550 - 47370 to move towards its initial weekly short targets of 46880 - 46750
Closing below 46750 Bank Nifty may move towards its last weekly short targets of 46340 - 45870
So far this week Bank Nifty sustaining below 47370 has made a low of 46565.55 completing our initial weekly short target and closed today at 46789.95 after triggering our weekly short trade earlier this week. The trailing cbsl for the weekly short trade is a hourly close above 47285 which has been saved today. Tomorrow is the last day of the week and one should follow the daily levels.
Now in the coming session Bank Nifty sustaining below 46695 can move towards 46570 - 46500. On the upside Bank Nifty sustaining above 46855 can move towards 47010 - 47100
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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