Bank Nifty Outlook for 28th Dec

 

In the previous session:

Bank Nifty went up by 622 points before closing higher by 557 points on Wednesday

Bank Nifty made a new lifetime high of 48347.65 on 27th Dec 2023 from the lows of 16116.25 made on 24th March 2020

On 27th Dec:

Bank Nifty triggered our long trade and completed all targets doing 430 points and exceeded it by another 50 points

For 28th Dec:

Sustaining above 48430 can move towards 48520 - 48630 - 48910, SL 48330

Sustaining below 48130 can move towards 48050 - 47930 - 47660, SL 48240

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 triggered our weekly long trade on sustaining above 47855 and has made a high of 48347.65 completing our initial weekly long targets till 48235 - 48335 and closed at 48282.20

Now in the coming session Bank Nifty has to break and sustain above 48335 to move towards its next weekly long target of 48660 - 49020. On the downside Bank Nifty has immediate support now at 47855 - 47715 and has to break and sustain below it for a further down move.

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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