Bank Nifty Outlook for 08th Dec

  In the previous session:  

Bank Nifty went up by 189 points then went down by 190 before closing lower by 40 points on Wednesday.

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 07th Dec:

Bank Nifty initially triggered our long trade and completed 2 targets and more doing 100+ points and took our TSL. Post that Bank Nifty reversed to trigger our short trade and completed 2 targets and more again doing 100 points

For 08th Dec:

Sustaining above 43150 enter for 43180 - 43220 - 43310, SL 43115

Sustaining below 43040 enter for 43015 - 42980 - 42890, SL 43085

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 42948.45 testing its weekly support zone of 43010 - 42950 and closed today at 43098.70

Now in the coming session Bank Nifty has to break and sustain below 42950 for a move towards its initial weekly short target of 42785 - 42740. On the upside Bank Nifty has immediate resistance at 43260 which it needs to break and sustain for a move towards 43425 - 43470.

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.