In the previous session:
Bank Nifty went up by 345 points then went down by 503 points before closing lower by 415 points on Thursday
Bank Nifty made a new lifetime high of 49057.40 on 10th Apr 2024 from the lows of 16116.25 made on 24th March 2020
On 18th Apr:
Bank Nifty triggered our long trade and completed 2 targets doing 200 points. Post that Bank Nifty reversed to trigger our short trade and again completed 2 targets doing 200 points and exceeded it by 150+ points
For 19th Apr:
Sustaining above 47225 can move towards 47315 - 47425 - 47715, SL 47115
(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 48730 and completed our initial targets till 48980 - 49050 with a high of 49057.40
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 48730 - 48840 to move towards its initial weekly long targets of 49120 - 49200
Closing above 49200 Bank Nifty may move towards its last weekly long targets of 49440 - 49700
On the downside:
Bank Nifty has to sustain and close below its weekly support at 48390 - 48290 to move towards its initial weekly short targets of 48000 - 47930
Closing below 47930 Bank Nifty may move towards its last weekly short targets of 47700 - 47420
So far this week Bank Nifty has made a low of 46982.15 and closed today at 47069.85. Bank Nifty has completed all its weekly short targets till 47700 - 47420 and has exceeded it by 450 points now. "For fresh shorters the cbsl should be a hourly close above 47730" , had mentioned this yesterday and it gave a good short trade for fresh shorters.
Now in the coming session Bank Nifty sustaining above 47225 can move towards 47425 - 47715 where it may face resistance. On the downside Bank Nifty sustaining below 46915 can move towards 46715 - 46425 where it has strong support and can show a bounce
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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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