Bank Nifty Outlook for 17th Dec

 In the previous session : 

Bank Nifty went up by 240 points then went down by 104 points before closing higher by 7 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 16th Dec :

Bank Nifty triggered our long trade with a gap up above our 2nd target and did not give a chance to enter. Post that it reversed to trigger our short trade and took our stoploss.  Bank is indicating indecisiveness in trend

For 17th Dec :

Sustaining above 30790 enter for 30845 - 30910 - 31085 , SL 30725

Sustaining below 30605 enter for 30550 - 30485 - 30310 , SL 30670

Now for this week :

Bank Nifty had immediate resistance near 30785 - 30895 and above it next resistance near 31200 - 31275 zone

Bank Nifty has immediate support near 30425 - 30315 and below that next support near 30010 - 29935 zone

So far this week Bank Nifty has made a high of 30932.25 breaking above  our initial resistance zone but failed to close above it . It needs to sustain or close 30895 for a further move towards 31200 - 31275 where we may see some profit booking too.

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. Bank Nifty has crossed it multiple times but failed to give a strong close above it so far.

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 30811.80 on 11th Dec in the bounce from the fall till 16116.25  while Nifty has made a new lifetime high of 13579.35  on 11th 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.