Bank Nifty Outlook for 09th Dec

 In the previous session : 

Bank Nifty went up by 152 points then went down by 186 points before closing higher by 50 points on Tuesday 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 08th Dec :

Bank Nifty mostly traded between our long and short trigger levels indicating indecisiveness.

For 09th Dec :

Sustaining above 30390 enter for 30465 - 30560 - 30800 , SL 30300

Sustaining below 30135 enter for 30055 - 29965 - 29725 , SL 30225

Now for this week :

Bank Nifty had immediate resistance near 30305 - 30465 and above it next resistance near 30900 - 31010 zone

Bank Nifty has immediate support near 29795 - 29640 and below that next support near 29205 - 29095 zone

So far this week Bank Nifty has made a high of 30363.80 testing our initial resistance zone. Now it needs to break and sustain above 30465 for a further move towards the next resistance zone. Failing to sustain above 30465 we can see some correction take place.

Overall Bank Nifty has strong resistance at 30710 levels and unless we get a strong close above it we can see some 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 30363.80 on 08th Dec in the bounce from the fall till 16116.25  while Nifty has made a new lifetime high of 13435.45 on 08th Dec 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.