Bank Nifty Outlook for 24th Jan

  In the previous session:  

Bank Nifty went up by 499 points before closing higher by 314 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 23rd Jan:

Bank Nifty triggered our long trade and completed all targets and more doing 250 points.

For 24th Jan

Sustaining above 42900 enter for 42940 - 42990 - 43130, SL 42845

Sustaining below 42740 enter for 42700 - 42650 - 42510, SL 42800

In the Previous Week: 

Bank Nifty traded sideways between its weekly support and resistance zone

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 42670 - 42775 for a move towards initial long targets of 43055 - 43130. 

Sustaining or closing above 43130 Bank Nifty may move towards next long targets of 43370 - 43640

On the downside:

Bank Nifty has to sustain and close below its immediate support at 42340 - 42240 for a move towards initial short targets of 41960 - 41880. 

Sustaining or closing below 41880 Bank Nifty may move towards next short targets of 41650 - 41380

So far Bank Nifty has made a high of 43005.85 breaking above our weekly resistance zone of 42670 - 42775 and closed at 42821.25

Now in the coming session Bank Nifty has to sustain above 42775 to move towards 43055 - 43130. On the downside Bank Nifty has immediate support at 42670 and breaking and sustaining below it can move towards 42340 - 42240.

 

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.