In the previous session:
Bank Nifty went up by 379 points then went down by 13 points before closing higher by 148 points on Tuesday
Bank Nifty made a new lifetime high of 48960.75 on 09th Apr 2024 from the lows of 16116.25 made on 24th March 2020
On 09th Apr:
Bank Nifty opened above our 2nd long target and did not give a trade. Post that Bank Nifty traded sideways the whole day
For 10th Apr:
Sustaining above 48800 can move towards 48840 - 48890 - 49000, SL 48750
(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 above 47355 and completed all our targets till 47870 - 48100 doing 745 points and exceeded it further by 450 points making a high of 48557.40
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 48640 - 48730 to move towards its initial weekly long targets of 48980 - 49050
Closing above 49050 Bank Nifty may move towards its last weekly long targets of 49260 - 49500
On the downside:
Bank Nifty has to sustain and close below its weekly support at 48345 - 48255 to move towards its initial weekly short targets of 48000 - 47940
Closing below 47940 Bank Nifty may move towards its last weekly short targets of 47730 - 47500
So far this week Bank Nifty has made a high of 48960.75 sustaining above 48730 and almost reached our initial weekly long targets of 48980 - 49050 and closed at 48730.55. Bank Nifty has not given a clean close above 48730 to trigger our weekly long trade.
Now in the coming session Bank Nifty sustaining above 48800 can move towards 48890 - 49000. On the downside Bank Nifty sustaining below 48660 can move towards 48575 - 48450.
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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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