Bank Nifty Outlook for 10th Jan

 

In the previous session:

Bank Nifty went up by 489 points then went down by 294 points before closing lower by 207 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 09th Jan:

Bank Nifty triggered our long trade with a gap up above our 1st target and went up further by 240 points and took our stoploss. Post that Bank Nifty reversed to trigger our short trade and came close to our 2nd target doing 160 points

For 10th Jan:

Sustaining above 47370 can move towards 47445 - 47535 - 47770, SL 47280

Sustaining below 47115 can move towards 47040 - 46950 - 46720, SL 47205

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 and reached close to our next weekly short targets of 47130 - 46820 making a low of 47156.05 after bouncing on Tuesday morning till 47939.30 and closed at 47242.65. The cbsl for the weekly short trade is 47960

Now in the coming session Bank Nifty sustaining above 47370 has immediate resistance at 47530 - 47770. On the downside Bank Nifty sustaining 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