Tuesday, 29 December 2020

Bank Nifty Outlook for 29th Dec

 In the previous session : 

Bank Nifty went up by 526 points before closing higher by 479 points on Monday 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 28th Dec :

Bank Nifty triggered our long trade and did 340 points.

For 29th Dec :

Sustaining above 31075 enter for 31195 - 31335 - 31705 , SL 30940

Sustaining below 30685 enter for 30565 - 30430 - 30060 , SL 30820

Now for this week :

Bank Nifty has immediate resistance near 30700 - 30885 and above it next resistance near 31395 - 31525 zone

Bank Nifty has immediate support near 30105 - 29920 and below that next support near 29410 - 29280 zone

On Monday Bank Nifty closed within the initial resistance zone and sustaining above 30885 we can see a further move towards 31300 levels.

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. 

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