Bank Nifty Outlook for 17th Dec

 In the previous session :  

Bank Nifty went up by 370 points then went down by 403 points before closing lower by 240 points on Thursday.

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 16th Dec :

Bank Nifty initially triggered our long trade and completed nearly 2 targets and took our TSL . Post that Bank Nifty reversed and triggered our short trade and completed 2 targets doing 200 points indicating indecisiveness again.

For 17th Dec :

Sustaining above 36700 enter for 36810 - 36920 - 37220 , SL 36600

Sustaining below 36390 enter for 36290 - 36170 - 35870 , SL 36500

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 36385.75 today breaking below our initial weekly support zone and also closed below it. Now in the coming session as long as Bank Nifty sustains below 36800 - 36620 it can move towards 36100 - 35980 . On the upside Bank Nifty breaking and sustaining above 36800 can make a move towards 37200 - 37400  . 

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.