In the previous session:
Bank Nifty went down by 338 points then went up by 670 points before closing higher by 424 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 29th Dec:
Bank Nifty initially triggered our short trade and completed just 1 target and took our trailing stoploss. Post that Bank Nifty reversed to trigger our long trade and completed 2 targets and more doing 400 points.
For 30th Dec:
Sustaining above 43450 enter for 43575 - 43715 - 44090, SL 43315
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 43498.05 completing all our weekly long targets till 43160 and exceeding it and closed at 43252.35
Now in the coming session Bank Nifty sustaining above 43500 can move further towards 43700 - 43900. On the downside Bank Nifty has immediate support at 43160 - 42810 zone and breaking and sustaining below it can move towards 42490 - 42390 where it has stronger support.
We are at the last trading session for 2022 and looking forward to a profitable trading and investing journey in 2023.
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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