Sunday 6 December 2020

Bank Nifty Outlook for 07th Dec

 In the previous session : 

Bank Nifty went up by 714 points  before closing higher by 603 points on Friday 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 04th Dec :

Bank Nifty triggered our long trade and completed all targets doing 570 points


For 07th Dec :

Sustaining above 30210 enter for 30305 - 30415 - 30710 , SL 30100


Sustaining below 29895 enter for 29800 - 29690 - 29395 , SL 30005


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



Overall Bank Nifty has strong resistance at 30710 levels and unless we get a strong close above it we can a 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 30197.85 on 25th Nov in the bounce from the fall till 16116.25  while Nifty has made a new lifetime high of 13280.05 on 04th 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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