Bank Nifty Outlook for 09th Dec

 In the previous session:  

Bank Nifty went down by 3 points then went up by 542 points before closing higher by 498 points on Thursday.

Bank Nifty made a new lifetime high of 43640.90 on 08th Dec 2022 from the lows of 16116.25 made on 25th March 2020

On 08th Dec:

Bank Nifty triggered our long trade and completed all targets and more doing 490 points 

For 09th Dec:

Sustaining above 43675 enter for 43720 - 43775 - 43920, SL 43620

Sustaining below 43520 enter for 43475 - 43415 - 43270, SL 43575

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 bounced back today to make a high of 43640.90 testing our last weekly long targets at 43610 - 43760 and closed at 43596.85

Now in the coming session Bank Nifty has to sustain above 43470 on dips to move towards 43610 - 43760 and breaking and sustaining above 43775 can move further towards 43850 - 43920 too. On the downside Bank Nifty has immediate resistance at 43470 - 43425 which it needs to break and sustain for a move towards 43260 - 43200.

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 43640.90 on 08th 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.