Bank Nifty Outlook for 20th Jan

 In the previous session:  

Bank Nifty went up by 48 points then went down by 223 points before closing lower by 129 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 19th Jan:

Bank Nifty triggered our short trade and completed just 1 target doing 70 points.

For 20th Jan

Sustaining above 42440 enter for 42505 - 42585 - 42790, SL 42360

Sustaining below 42220 enter for 42150 - 42070 - 41870, SL 42295

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

So far this Bank Nifty made a high of 42715.65 testing its weekly resistance zone of 42590 - 42730 and reversed to make a low of 41861.10 breaking below its weekly support zone of 42150 - 42010 but recovered sharply and closed today at 42328.85

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

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.