In the previous session:
Bank Nifty went up by 376 points then went down by 570 points before closing lower by 307 points on Friday
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 03rd May:
Bank Nifty opened near our 2nd long target and did not give a trade. Post that Bank Nifty reversed to trigger our short trade and completed 2 targets doing 200 points and exceeded it further by 180 points
For 06th May:
Sustaining above 49095 can move towards 49200 - 49320 - 49640, SL 48975
(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 48615 and made a high of 49974.75 and completed all our weekly long targets till 49530 - 49940 doing 1300 points
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 49200 - 49375 to move towards its initial weekly long targets of 49850 - 49970
Closing above 49970 Bank Nifty may move towards its last weekly long targets of 50380 - 50820
On the downside:
Bank Nifty has to sustain and close below its weekly support at 48645 - 48470 to move towards its initial weekly short targets of 48000 - 47880
Closing below 47880 Bank Nifty may move towards its last weekly short targets of 47470 - 47020
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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