Bank Nifty Outlook for 22nd Dec

 

In the previous session:

Bank Nifty went down by 525 points then went up by 487 points before closing higher by 395 points on Thursday

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 21st Dec:

Bank Nifty opened near our 2nd short target and did not give a proper entry. Post that Bank Nifty reversed to trigger our long trade and almost completed all targets doing 350 points

For 22nd Dec:

Sustaining above 47970 can move towards 48050 - 48140 - 48380, SL 47880

Sustaining below 47710 can move towards 47630 - 47540 - 47300, SL 47800

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 46919.70 almost completing our last weekly short targets of 47120 - 46810 on sustaining below 47825 and closed at 47840.15

Now in the coming session Bank Nifty has immediate resistance at 47950 and sustaining above it can move towards 48150 - 48340. On the downside Bank Nifty sustaining below 47825 can move again 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