Bank Nifty Outlook for 06th Dec

 In the previous session:  

Bank Nifty went down by 118 points then went up by 268 points before closing higher by 229 points on Monday.

Bank Nifty made a new lifetime high of 43515.05 on 01st Dec from the lows of 16116.25 made on 25th March 2020

On 05th Dec:

Bank Nifty first triggered our long trade with a gap up above our 2nd target and did not give a trade. Post that Bank Nifty reversed to trigger our short trade and almost completed 2 targets doing 60 points and took our TSL. Bank Nifty again reversed to trigger our long trade and completed all targets doing 200 points. Overall Bank Nifty was trading with a positive bias  

For 06th Dec:

Sustaining above 43395 enter for 43430 - 43475 - 43590, SL 43350

Sustaining below 43270 enter for 43235 - 43190 - 43075, SL 43315

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 43200 - 43260 for a move towards initial long targets of 43425 - 43470. 

Sustaining or closing above 43470 Bank Nifty may move towards next long targets of 43610 - 43760

On the downside:

Bank Nifty has to sustain and close below its immediate support at 43010 - 42950 for a move towards initial short targets of 42785 - 42740. 

Sustaining or closing below 42740 Bank Nifty may move towards next short targets of 42600 - 42450

So far this week Bank Nifty made a low of 42985 testing its weekly support zone of 43010 - 42950 and bounced back to make high of 43372.15 breaking above our weekly resistance zone of 43200 - 43260 and closed at 43332.95.

Now in the coming session Bank Nifty has to sustain above 43260 to move towards its initial weekly long targets of 43425 - 43470 and sustaining above 43470 can move towards 43610 - 43760. On the downside Bank Nifty has immediate support at 43010 - 42950 and has to break and sustain below it for a move towards 42785 - 42740.

In case 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 43515.05 on 01st Dec 2022 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18887.60 on 01st Dec 2022 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.