Bank Nifty Outlook for 06th Jan

 In the previous session:  

Bank Nifty went up by 178 points then went down by 660 points before closing lower by 350 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 05th Jan:

Bank Nifty triggered our short trade and almost completed all targets doing 450+ points.

For 06th Jan:

Sustaining above 42770 enter for 42865 - 42980 - 43280, SL 42660

Sustaining below 42450 enter for 42350 - 42230 - 41930, SL 42560

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 43578.40 breaking its weekly resistance zone of 43310 - 43510 in the previous session and failed to sustain and reversed. Today it made a low of 42298.60 breaking below its weekly support zone of 42660 - 42460 and closed at 42608.70.  

Now in the coming sessions Bank Nifty has to break and sustain below 42460 to move towards its initial weekly short targets of 41910 - 41770. On the upside Bank Nifty breaking and sustaining above 42660 has immediate resistance at 43000 - 43100. 

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.