Bank Nifty Outlook for 14th Dec

 

In the previous session:

Bank Nifty went up by 104 points then went down by 210 points before closing lower by 5 points on Wednesday

Bank Nifty made a new lifetime high of 47588 on 11th Dec 2023 from the lows of 16116.25 made on 24th March 2020

On 13th Dec:

Bank Nifty traded sideways between our long and short trigger levels 

For 14th Dec:

Sustaining above 47300 can move towards 47430 - 47580 - 47980, SL 47155

Sustaining below 46880 can move towards 46755 - 46605 - 46210, SL 47030

In the Previous Week: 

Bank Nifty opened near our last weekly long trade and moved up further by 1400 points on the back of short covering based on election results in several states

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 47595 - 47805 to move towards its initial weekly long targets of 48380 - 48520 

Closing above 48520 Bank Nifty may move towards its last weekly long targets of 49010 - 49550

On the downside:

Bank Nifty has to sustain and close below its weekly support at 46930 - 46720 to move towards its initial weekly short targets of 46150 - 46000

Closing below 46000 Bank Nifty may move towards its last weekly short targets of 45510 - 44970.

So far this week Bank Nifty has made a high of 47588 and made a low of 46886.90 testing its weekly support zone and closed at 47092.25

Now in the coming sessions Bank Nifty sustaining above 47300 has immediate resistance at 47595 - 47805 and has to close above it for a further move towards 48380 - 48520. On the downside Bank Nifty has immediate support at 46930 - 46720 and has to close below it for a move towards 46150 - 46000.

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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