Bank Nifty Outlook for 06th Dec

 

In the previous session:

Bank Nifty went up by 799 points before closing higher by 580 points on Tuesday

Bank Nifty made a new lifetime high of 47230.55 on 05th Dec 2023 from the lows of 16116.25 made on 24th March 2020

On 05th Dec:

Bank Nifty opened with a gap up near our 2nd target and then gave a dip to enter a long trade and then almost completed all targets doing 500+ points

For 06th Dec:

Sustaining above 47220 can move towards 47345 - 47490 - 47880, SL 47075

Sustaining below 46805 can move towards 46680 - 46530 - 46150, SL 46950

In the Previous Week: 

Bank Nifty triggered our weekly long trade above 44020 and completed all long target will 44580 - 44830 doing 800 points and exceeded it 120 points making a high of 44951.10

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 44970 - 45070 to move towards its initial weekly long targets of 45340 - 45405. 

Closing above 45405 Bank Nifty may move towards its last weekly long targets of 45635 - 45890

On the downside:

Bank Nifty has to sustain and close below its weekly support at 44655 - 44560 to move towards its initial weekly short targets of 44290 - 44220

Closing below 44220 Bank Nifty may move towards its last weekly short targets of 43990 - 43740.

So far this week Bank Nifty opened near its last weekly long target zone without giving a chance to trade and moved up further by 1200+ points making a high of 47230.55 

Now in the coming session Bank Nifty has to break and sustain above 47220 to move towards 47490 - 47880. On the downside Bank Nifty sustaining below 46805 has can move towards 46530 - 46150 

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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