In the previous session:
Bank Nifty went up by 149 points then went down by 221 points before closing higher by 3 points on Tuesday
Bank Nifty made a new lifetime high of 48219.95 on 15th Dec 2023 from the lows of 16116.25 made on 24th March 2020
On 19th Dec:
Bank Nifty triggered our short trade and completed just 1 target doing 70 points and took our stoploss
For 20th Dec:
Sustaining above 47985 can move towards 48055 - 48135 - 48350, SL 47905
In the Previous Week:
Bank Nifty triggered our weekly long trade above 47805 but fell short of its initial targets of 48380 - 48520 by making a high of 48219.95
Now for this week:
On the upside:
Bank Nifty has to sustain and close above its weekly resistance at 48340 - 48460 to move towards its initial weekly long targets of 48800 - 48880
Closing above 48880 Bank Nifty may move towards its last weekly long targets of 49170 - 49480
On the downside:
Bank Nifty has to sustain and close below its weekly support at 47950 - 47825 to move towards its initial weekly short targets of 47490 - 47400
Closing below 47400 Bank Nifty may move towards its last weekly short targets of 47120 - 46810.
So far this week Bank Nifty has made a low of 47646.05 breaking below our weekly support zone of 47950 - 47825 and closed at 47870.90 within the support zone.
Now in the coming session Bank Nifty sustaining above 47985 has resistance at 48340 - 48460 on the upside, On the downside Bank Nifty sustaining/closing below 47825 can move towards 47490 - 47400.
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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
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