Bank Nifty Outlook for 03rd Dec

 In the previous session : 

Bank Nifty went up by 68 points then went down by 668 points before closing lower by 355 points on Wednesday as compared to its previous day's  close . 

Bank Nifty had made a life time high of 32613.10 on 30th December and had  then corrected till 16116.25 points on 24th March

On 02nd Dec :

Bank Nifty triggered our short trade and did 480 points.

For 03rd Dec :

Sustaining above 29645 enter for 29755 - 29880 - 30220 , SL 29520

Sustaining below 29285 enter for 29175 - 29045 - 28705 , SL 29410

Now for this week :

Bank Nifty had immediate resistance near 29940 - 30140 and above it next resistance near 30700 - 30850 zone

Bank Nifty has immediate support near 29280 - 29075 and below that next support near 28515 - 28375 zone

Bank Nifty this week so far has made a high of 29919.75 and made a low of 29149.50 testing the initial support zone. So far it has been trading between the weekly support and resistance zone and breaking and sustaining beyond it on either side can see a good move .

Overall Bank Nifty has strong resistance at 30710 levels and unless we get a strong close above it we can a correction on upmoves.

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

Bank Nifty has now made a high of 30197.85 on 25th Nov in the bounce from the fall till 16116.25  while Nifty has made a new lifetime high of 13145.85 on 25th Nov from the lows of 7511 made on 24th March.

How to use these levels 

• Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

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Disclaimer : These are my personal views and one should do their own research 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 decisions.