Bank Nifty Outlook for 23rd Dec

 In the previous session : 

Bank Nifty went down by 480 points then went up 255 points before closing higher by 170 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 22nd Dec :

Bank Nifty initially triggered our short trade and completed 2 targets doing 300 points and took our TSL. Post that Bank Nifty reversed to trigger our long trade but could not complete any targets.

For 23rd Dec :

Sustaining above 29785 enter for 29885 - 29995 - 30295 , SL 29675

Sustaining below 29465 enter for 29370 - 29255 - 28955 , SL 29580

Now for this week :

Bank Nifty had immediate resistance near 30825 - 30895 and above it next resistance near 31090 - 31135 zone

Bank Nifty has immediate support near 30600 - 30530 and below that next support near 30340 - 30290 zone

Bank broke all weekly and short supports and corrected till 28976.75 . 

Now Bank Nifty has immediate strong support at 28930 - 28510 zone on the downside on further correction .

On the upside Bank Nifty can face resistance near 29950 - 30300 zone on pullbacks. 

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 30945.20 on 17th Dec in the bounce from the fall till 16116.25  while Nifty has made a new lifetime high of 13773.25  on 17th 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.