Bank Nifty Outlook for 11th Dec

In the previous session : 

Bank Nifty went down by 507 points before closing lower by 199 points on Thursday 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 10th Dec :

Bank Nifty triggered our short trade and  completed all targets doing 400 points

For 11th Dec :

Sustaining above 30620 enter for 30685 - 30765 - 30970 , SL 30545

Sustaining below 30400 enter for 30335 - 30255 - 30050 , SL 30480

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

So far this week Bank Nifty has made a high of 30807.35 after breaking above our initial resistance zone and as long as it sustains above it we see a test of 30900 - 31010.  Failing to sustain above 31010  we can see some correction take place from the next resistance zone.

As mentioned earlier "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 had given a borderline close at 30709.40 this week and it needs to sustain and close above it for a stronger upmove.

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 30807.35 on 09th Dec in the bounce from the fall till 16116.25  while Nifty has made a new lifetime high of 13548.90  on 09th 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.