Bank Nifty Outlook for 02nd Jan

 

In the previous session:

Bank Nifty went up by 157 points then went down by 248 points before closing lower by 57 points on Monday

Bank Nifty made a new lifetime high of 48636.45 on 27th Dec 2023 from the lows of 16116.25 made on 24th March 2020

On 01st Jan:

Bank Nifty initially triggered our long trade and took our stoploss. Post that Bank Nifty reversed to trigger our short trade and completed just 1 target doing 80 points

For 02nd Jan:

Sustaining above 48360 can move towards 48430 - 48520 - 48750, SL 48270

Sustaining below 48110 can move towards 48040 - 47950 - 47720, SL 48200

In the Previous Week: 

Bank Nifty triggered our weekly long trade sustaining above 47855 and reached till our last weekly long target zone of 48660 - 49020 with a high of 48636.

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 48500 - 48630 to move towards its initial weekly long targets of 48990 - 49080 

Closing above 49080 Bank Nifty may move towards its last weekly long targets of 49390 - 49730

On the downside:

Bank Nifty has to sustain and close below its weekly support at 48080 - 47950 to move towards its initial weekly short targets of 47590 - 47500

Closing below 47500 Bank Nifty may move towards its last weekly short targets of 47200 - 46860

So far this week Bank Nifty made a high of 48450 reaching near its weekly resistance zone of 48500 - 48630 and corrected to make a low of 48044.15 testing its weekly support zone of 48080 - 47950.

Now in the coming session Bank Nifty has to break and sustain below its weekly support at 48080 - 47950 to move towards 47590 - 47500. On the upside Bank Nifty has immediate resistance at 48500 - 48630 and has to break and sustain above this zone for a further move towards 48990 - 49080.

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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