In the previous session:
Bank Nifty went down by 54 points then went up by 280 points before closing higher by 222 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 03rd Jan:
Bank Nifty triggered our long trade but did not complete any target indicating indecisiveness.
For 04th Jan:
Sustaining above 43605 enter for 43710 - 43840 - 44170, SL 43480
In the Previous Week:
Bank Nifty triggered our weekly long trade on closing above 42020 and completed all weekly long targets till 43160 and exceeded it with a high of 43498
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its immediate resistance at 43310 - 43510 for a move towards initial long targets of 44060 - 44210.
Sustaining or closing above 44210 Bank Nifty may move towards next long targets of 44680 - 45200
On the downside:
Bank Nifty has to sustain and close below its immediate support at 42660 - 42460 for a move towards initial short targets of 41910 - 41770.
Sustaining or closing below 41770 Bank Nifty may move towards next short targets of 41290 - 40770
So far this week Bank Nifty has made a high of 43482.80 testing its weekly resistance zone of 43310 - 43510 and closed at 43425.25
Now in the coming sessions Bank Nifty has to break and sustain above 43510 to move towards its initial weekly long targets of 44060 - 44210. On the downside Bank Nifty breaking and sustaining below 42950 can move towards its weekly support zone of 42600 - 42460.
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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