Bank Nifty Outlook for 17th Jan

  In the previous session:  

Bank Nifty went up by 344 points then went down by 305 points before closing lower by 203 points on Monday

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 long trade with a gap up above our 1st target and completed our 2nd target doing 100 points. Post that Bank Nifty reversed to trigger our short trade and completed 2 targets doing 150+ points.

For 17th Jan

Sustaining above 42295 enter for 42375 - 42465 - 42705, SL 42205

Sustaining below 42040 enter for 41960 - 41870 - 41630, SL 42130

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

Today Bank Nifty made a high of 42715.65 testing its weekly resistance zone of 42590 - 42730 and reversed to make a low of 42066.55 testing its weekly support zone of 42150 - 42010 and closed at 42167.55

Now in the coming session Bank Nifty has to break and sustain below 42150 - 42010 zone for a move towards 41640 - 41540. On the upside Bank Nifty has immediate resistance at 42590 - 42730 zone and has to break and sustain above it for a move towards 43100 - 43200. 

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.