Bank Nifty Outlook for 15th Dec

 

In the previous session:

Bank Nifty went up by 851 points before closing higher by 640 points on Thursday

Bank Nifty made a new lifetime high of 47943.60 on 14th Dec 2023 from the lows of 16116.25 made on 24th March 2020

On 14th Dec:

Bank Nifty opened near our 2nd long target and did not give a proper trade but eventually went up further from there by 350+ points 

For 15th Dec:

Sustaining above 47950 can move towards 48080 - 48235 - 48650, SL 47800

Sustaining below 47515 can move towards 47385 - 47230 - 46820, SL 47665

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 47943.60 breaking above its weekly resistance zone of 47595 - 47805 and closed at 47732.30 

Now in the coming sessions Bank Nifty sustaining above 47805 can move towards 48380 - 48520. On the downside Bank Nifty has immediate support at 47595 - 47515 and has to break and sustain below it for a move towards 47230 - 47000.

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.                              

To receive this post daily in your inbox, kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.

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