Bank Nifty Outlook for 16th Dec

 In the previous session :  

Bank Nifty went up by 189 points then went down by 150 points before closing lower by 104 points on Wednesday.

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 15th Dec :

Bank Nifty initially triggered our long trade and took our stoploss. Post that Bank Nifty 

traded between our long and short trigger zone indicating indecisiveness.

For 16th Dec :

Sustaining above 36950 enter for 37050 - 37170 - 37480 , SL 36840

Sustaining below 36620 enter for 36530 - 36410 - 36100 , SL 36740

Now for this week :

Bank Nifty has to break and sustain above 37410 - 37590 where it has its initial resistance for a further move towards 38100 - 38250 where it has its next resistance for the week 

Bank Nifty has to break and sustain below 36800 - 36620 where it has its initial support for a further move towards 36100 - 35980 where it has its next support for the week 

So far this week Bank Nifty made a high of 37581.05 testing our initial weekly resistance zone and reversed to make a low of 36545.40 breaking below our initial weekly support zone but closed above it . Now in the coming session Bank Nifty has immediate support at 36690 - 36620 on the downside and only on breaking and sustaining below it we may see a further move towards 36200 - 36100 whereas breaking and sustaining above 37000 we may see it make move again towards 37300 - 37500 zone 

Bank Nifty has to reclaim 37500 on closing basis to indicate strength for a further move towards 38100 - 38300 zone. 

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.