Bank Nifty Outlook for 26th Dec

 

In the previous session:

Bank Nifty went up by 231 points then went down by 424 points before closing lower by 348 points on Friday

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 22nd Dec:

Bank Nifty initially triggered our long and completed just 1 target and took our stoploss. Post that Bank Nifty reversed to trigger our short trade and completed 2 targets doing 170 points and exceeded it by another 125 points but missed our last target

For 26th Dec:

Sustaining above 47630 can move towards 47715 - 47810 - 48070, SL 47535

Sustaining below 47355 can move towards 47270 - 47170 - 46920, SL 47450

In the Previous Week: 

Bank Nifty triggered our weekly short trade below 47825 and missed our last target of 46810 with a low of 46919.70 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 47715 - 47855 to move towards its initial weekly long targets of 48235 - 48335 

Closing above 48335 Bank Nifty may move towards its last weekly long targets of 48660 - 49020

On the downside:

Bank Nifty has to sustain and close below its weekly support at 47270 - 47130 to move towards its initial weekly short targets of 46750 - 46650

Closing below 46650 Bank Nifty may move towards its last weekly short targets of 46350 - 45960

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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