Bank Nifty initially triggered our short trade with a 15 mins close borderline close below 48030 and took our stoploss. Post that Bank nifty reversed to trigger our long trade and completed 2 targets doing 210 points and exceeded it by 70 points.
For 26th Apr:
Sustaining above 48655 can move towards 48755 - 48870 - 49175, SL 48545
Sustaining below 48335 can move towards 48235 - 48120 - 47820, SL 48445
(One should ideally look to exit near the 2nd target once the trade is triggered)
In the Previous Week:
Bank Nifty triggered our weekly short trade below 48290 and completed all our targets till 47700 - 47420 doing 850 points and exceeded it by another 800 points with a low of 46579.05
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 47835 - 47995 to move towards its initial weekly long targets of 48435 - 48550
Closing above 48550 Bank Nifty may move towards its last weekly long targets of 48930 - 49350
On the downside:
Bank Nifty has to sustain and close below its weekly support at 47315 - 47155 to move towards its initial weekly short targets of 46710 - 46600
Closing below 46600 Bank Nifty may move towards its last weekly short targets of 46220 - 45800
So far this week Bank Nifty has made a high of 48625.45 completing our initial weekly long targets of 48435 - 48550 and closed at 48494.95. The trailing hourly cbsl for the weekly long trade is 48230
Now in the coming session Bank Nifty sustaining above 48655 can move towards 48870 - 49000. On the downside Bank Nifty sustaining below 48335 can move towards 48120 - 47975.
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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