Bank Nifty Outlook for 16th Jan

 In the previous session:  

Bank Nifty went down by 196 points then went up by 371 points before closing higher by 289 points on Friday

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 13th Jan:

Bank Nifty initially triggered our short trade and took our stoploss. Post that Bank Nifty reversed to trigger our long trade and completed 2 targets and more doing 200 points

For 16th Jan

Sustaining above 42505 enter for 42590 - 42685 - 42940, SL 42410

Sustaining below 42235 enter for 42155 - 42060 - 41810, SL 42330

In the Previous Week: 

Bank Nifty initially broke above our weekly resistance zone but missed our initial weekly targets and then reversed fully to break below our weekly support zone but did not close below it and bounced.

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 42590 - 42730 for a move towards initial long targets of 43100 - 43200. 

Sustaining or closing above 43200 Bank Nifty may move towards next long targets of 43520 - 43870

On the downside:

Bank Nifty has to sustain and close below its immediate support at 42150 - 42010 for a move towards initial short targets of 41640 - 41540. 

Sustaining or closing below 41540 Bank Nifty may move towards next short targets of 41230 - 40870

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.