Bank Nifty Outlook for 03rd Jan

 

In the previous session:

Bank Nifty went down by 545 points before closing lower by 473 points on Tuesday

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 02nd Jan:

Bank Nifty triggered our short trade and completed all targets doing 390 points

For 03rd Jan:

Sustaining above 47900 can move towards 47980 - 48080 - 48330, SL 47805

Sustaining below 47625 can move towards 47540 - 47445 - 47190, SL 47720

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 47689.80 breaking its weekly support zone of 48080 - 47950 and closed at 47761.65. The cbsl for the weekly short trade triggered is 48190.

Now in the coming session Bank Nifty sustaining below 47950 can move towards 47590 - 47500. On the upside Bank Nifty has immediate resistance at 48100 - 48200 

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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