Bank Nifty Outlook for 27th Dec

 

In the previous session:

Bank Nifty went down by 80 points then went up by 346 points before closing higher by 233 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 26th Dec:

Bank Nifty triggered our long trade and completed 2 target doing 180 points

For 27th Dec:

Sustaining above 47860 can move towards 47945 - 48040 - 48290, SL 47765

Sustaining below 47590 can move towards 47505 - 47410 - 47160, SL 47685

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

So far this week Bank Nifty has made a high of 47838.45 testing our weekly resistance zone of 47715 - 47855 and closed at 47724.85.

Now in the coming session Bank Nifty has to break and sustain above 47855 to move towards 48235 - 48335. On the downside Bank Nifty has immediate support at 47270 - 47130 and has to break and sustain below it for a move towards 46750 - 46650.

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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