In the previous session:
Bank Nifty went up by 550 points then went down by 174 points before closing lower by 27 points on Tuesday
Bank Nifty made a new lifetime high of 49974.75 on 30th Apr 2024 from the lows of 16116.25 made on 24th March 2020
On 30th Apr:
Bank Nifty triggered our long trade and completed 2 targets doing 250 points and exceeded it by 110 points .
For 02nd May:
Sustaining above 49575 can move towards 49685 - 49810 - 50150, SL 49450
(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 47995 and made a high of 48679.65 and completed our initial weekly long targets till 48435 - 48550 doing 550 points and exceeded it by 120 points
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 48455 - 48615 to move towards its initial weekly long targets of 49050 - 49160
Closing above 49160 Bank Nifty may move towards its last weekly long targets of 49530 - 49940
On the downside:
Bank Nifty has to sustain and close below its weekly support at 47940 - 47790 to move towards its initial weekly short targets of 47350 - 47240
Closing below 47240 Bank Nifty may move towards its last weekly short targets of 46870 - 46460
So far this week Bank Nifty has made a high of 49974.75 completing all our weekly long targets till 49530 - 49940 doing 1300 points and closed at 49396.75. All weekly long targets are complete so we will follow daily levels
Now in the coming session Bank Nifty sustaining above 49575 can move towards 49810 - 50150. On the downside Bank Nifty sustaining below 49220 can move towards 48980 - 48650.
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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