Bank Nifty Outlook for 09th Jan

 

In the previous session:

Bank Nifty went down by 771 points before closing lower by 709 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 08th Jan:

Bank Nifty triggered our short trade and completed all targets doing 390 points and corrected further by 270 points 

For 09th Jan:

Sustaining above 47600 can move towards 47690 - 47795 - 48075, SL 47495

Sustaining below 47300 can move towards 47210 - 47100 - 46830, SL 47405

In the Previous Week: 

Bank Nifty triggered our weekly short trade sustaining below 47950 and completed its initial weekly short targets of 47590 - 47500 with a low of 47481.35 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 48350 - 48480 to move towards its initial weekly long targets of 48815 - 48900 

Closing above 48900 Bank Nifty may move towards its last weekly long targets of 49190 - 49500

On the downside:

Bank Nifty has to sustain and close below its weekly support at 47960 - 47840 to move towards its initial weekly short targets of 47505 - 47420

Closing below 47420 Bank Nifty may move towards its last weekly short targets of 47130 - 46820

So far this week Bank Nifty triggered our short trade sustaining below 47840 and completed our initial weekly short targets till 47505 - 47420 making a low of 47387.35 and closed at 47450.25

Now in the coming session Bank Nifty sustaining above 47600 has immediate resistance at 47800 - 47960. On the downside Bank Nifty sustaining / closing below 47420 can move towards 47130 - 46820.  

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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