Bank Nifty Outlook for 31st Dec

In the previous session :  

Bank Nifty went down by 294 points then went up by 133 points before closing higher by 18 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 30th Dec :

Bank Nifty triggered our short trade and took our stoploss and post that traded between our long and short trigger range the entire session indicating indecisiveness. 

For 31st Dec :

Sustaining above 35235 enter for 35340 - 35460 - 35780 , SL 35115

Sustaining below 34890 enter for 34790 - 34670 - 34350 , SL 35010

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 35378.30 just breaking our initial resistance zone and reversed to close below it . Now in the coming session Bank Nifty has to break and sustain above 35380 to move further towards 35500 - 35800 . Bank Nifty has immediate support at 34750 and breaking and sustaining below it we may see it correct towards 34550 - 34350 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.