Bank Nifty Outlook for 01st Dec

 

In the previous session:

Bank Nifty went up by 198 points then went down by 312 points before closing lower by 85 points on Thursday

Bank Nifty made a new lifetime high of 46369.50 on 21st Jul 2023 from the lows of 16116.25 made on 24th March 2020

On 30th Nov:

Bank Nifty initially triggered our long trade and completed just 1 target doing 75 points and took our stoploss. Post that Bank Nifty reversed to trigger our short trade and completed 2 targets doing 160 points 

For 01st Dec:

Sustaining above 44605 can move towards 44685 - 44770 - 45000, SL 44520

Sustaining below 44355 can move towards 44280 - 44190 - 43960, SL 44445

In the Previous Week: 

Bank Nifty traded sideways and did not confirm a long or short trade as per weekly levels

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 43925 - 44020 to move towards its initial weekly long targets of 44285 - 44355. 

Closing above 44355 Bank Nifty may move towards its last weekly long targets of 44580 - 44830

On the downside:

Bank Nifty has to sustain and close below its weekly support at 43615 - 43515 to move towards its initial weekly short targets of 43250 - 43185

Closing below 43185 Bank Nifty may move towards its last weekly short targets of 42960 - 42710.

So far this week Bank Nifty triggered our weekly long trade above 44020 and has made a high of 44764.80 almost completing all our weekly long targets till 44580 - 44830. The trailing cbsl for the weekly long trade is now 44350

Now in the coming sessions Bank Nifty sustaining above 44355 can move towards 44580 - 44830. On the downside Bank Nifty breaking below 44350 has immediate support at 44190 - 44020.

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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 decision