Tuesday, 29 December 2020

Bank Nifty Outlook for 30th Dec

 In the previous session : 

Bank Nifty went up by 478 points before closing higher by 441 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 29th Dec :

Bank Nifty triggered our long trade and did 275 points.

For 30th Dec :

Sustaining above 31525 enter for 31650 - 31795 - 32185 , SL 31385

Sustaining below 31120 enter for 30995 - 30850 - 30460 , SL 31260

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

Bank Nifty for this week has made a high of 31359.35 nearly testing our next resistance zone and closed at 31322.50 near it . Now breaking and sustaining above 31525 we can see a further move towards 31950 - 32440 levels next.

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 31359.35 on 29th Dec in the bounce from the fall till 16116.25  while Nifty has made a new lifetime high of 13967.60  on 29th 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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