Bank Nifty Outlook for 29th Dec

 In the previous session :  

Bank Nifty went up by 294 points then went down by 20 points before closing higher by 125 points on Tuesday.

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 28th Dec :

Bank Nifty triggered our long trade but did not complete any target and took our SL. Post that Bank Nifty traded sideways the entire session indicating indecisiveness. 

For 29th Dec :

Sustaining above 35380 enter for 35500 - 35650 - 36020 , SL 35245

Sustaining below 34980 enter for 34870 - 34720 - 34350 , SL 35125

Now for this week :

Bank Nifty has to break and sustain above 35160 - 35350 where it has its initial resistance for a further move towards 35870 - 36000 where it has its next resistance for the week 

Bank Nifty has to break and sustain below 34550 - 34360 where it has its initial support for a further move towards 33840 - 33700 where it has its next support for the week 

So far this week Bank Nifty made a low of 34233 breaking below our initial weekly support zone and bounced back sharply to make a high of 35352.40 testing our initial resistance zone and closed within it . Now in the coming session Bank Nifty has to break and sustain above 35350 to move further towards 35870 - 36000 . Bank Nifty has immediate support at 35000 and breaking and sustaining below it we may see it correct towards 34700 - 34400 zone.

Bank Nifty has to reclaim 35750 on closing basis to regain strength .

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.