Bank Nifty Outlook for 07th Dec

 In the previous session :  

Bank Nifty went up by 147 points then went down by 500 points before closing lower by 461 points on Monday.

Bank Nifty made a new life time high of 41829.60 in this upmove from the lows of 16116.25 made on 24th March

On 06th Dec :

Bank Nifty triggered our short trade and completed 2 targets and more doing 300 points. 

For 07th Dec :

Sustaining above 35930 enter for 36050 - 36190 - 36550 , SL 35795

Sustaining below 35540 enter for 35420 - 35280 - 34920 , SL 35675

Now for this week :

Bank Nifty has to break and sustain above 36520 - 36720 where it has its initial resistance for a further move towards 37260 - 37400 where it has its next resistance for the week 

Bank Nifty has to break and sustain below 35880 - 35680 where it has its initial support for a further move towards 35140 - 34990 where it has its next support for the week 

So far this week Bank Nifty made a low of 35696.75 nearly testing the lower end of our initial support and within it. Now in the coming session Bank Nifty on breaking and sustaining below 35680 can make a move towards 35140 - 34990 where it has its next short targets and also next support on the downside . On the upside Bank Nifty has immediate resistance at 36520 - 36720 and unless it breaks and sustains above it we may see it come under selling pressure.

 

Bank Nifty is weak now till its reclaims 38100 on closing basis 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 41829.60 on 25th Oct 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18604.45 on 19th Oct 2021 from the lows of 7511 made on 24th March 2020.

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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.