In the previous session:
Bank Nifty went up by 297 points then went down by 236 points before closing higher by 229 points on Tuesday.
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 27th Dec:
Bank Nifty triggered our long trade but did not complete any targets and took our stoploss. Post that Bank Nifty went down to trigger our short trade and again took our stoploss indicating indecisiveness on the next move.
For 28th Dec:
Sustaining above 43060 enter for 43180 - 43320 - 43700, SL 42920
In the Previous Week:
Bank Nifty triggered our weekly short trade on closing below 42930 and completed all weekly short targets till 42000 and exceeded it with a low of 41597.65
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its immediate resistance at 41890 - 42020 for a move towards initial long targets of 42390 - 42490.
Sustaining or closing above 42490 Bank Nifty may move towards next long targets of 42810 - 43160
On the downside:
Bank Nifty has to sustain and close below its immediate support at 41450 - 41310 for a move towards initial short targets of 40940 - 40840.
Sustaining or closing below 40840 Bank Nifty may move towards next short targets of 40530 - 40170
So far this week Bank Nifty made a high of 42927.20 reaching our last weekly long target zone of 42810 - 43160 and closed at 42859.50
Now in the coming session Bank Nifty sustaining above 42810 can move to complete all targets till 43160 where it may also face resistance. On the downside Bank Nifty now has immediate support at 42490 - 42390 and breaking below it can move back to 42020 - 41890.
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: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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.
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