Bank Nifty Outlook for 16th Dec

 In the previous session:  

Bank Nifty went down by 670 points before closing lower by 550 points on Thursday.

Bank Nifty made a new lifetime high of 44151.80 on 14th Dec 2022 from the lows of 16116.25 made on 25th March 2020

On 15th Dec:

Bank Nifty triggered our short trade and completed all targets and more doing almost 600 points.

For 16th Dec:

Sustaining above 43605 enter for 43670 - 43745 - 43950, SL 43530

Sustaining below 43390 enter for 43325 - 43250 - 43050, SL 43465

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 43760 - 43840 for a move towards initial long targets of 44050 - 44110. 

Sustaining or closing above 44110 Bank Nifty may move towards next long targets of 44290 - 44490

On the downside:

Bank Nifty has to sustain and close below its immediate support at 43510 - 43430 for a move towards initial short targets of 43215 - 43160. 

Sustaining or closing below 43160 Bank Nifty may move towards next short targets of 42980 - 42780

So far earlier this week Bank Nifty made a low of 43378.80 breaking below its weekly support and bounced back to make a high of 44151.80 completing our initial weekly long targets of 44050 - 44100 and today corrected again till 43379.10 and closed at 43498.20 within its weekly support of 43510 - 43430

Now in the coming session Bank Nifty sustaining below 43430 can move towards 43215 - 43160 and below 43160 can move further towards 42980 - 42780. On the upside Bank Nifty has immediate resistance at 43760 - 43840.

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 44151.80 on 14th 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.