Bank Nifty Outlook for 11th Jan

 

In the previous session:

Bank Nifty went down by 232 points then went up by 180 points before closing higher by 118 points on Wednesday

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 10th Jan:

Bank Nifty initially triggered our short trade and competed just 1 target doing 75 points and took our stoploss. Post that Bank Nifty reversed to trigger our long trade but failed to complete any target

For 11th Jan:

Sustaining above 47485 can move towards 47560 - 47645 - 47875, SL 47400

Sustaining below 47240 can move towards 47165 - 47075 - 46850, SL 47325

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 reached our last weekly short targets till 47130 - 46820 making a low of 47010.80 and bounced to close at 47360.85. The trailing cbsl for the weekly short trade is 47505

Now in the coming session Bank Nifty sustaining above 47485 has immediate resistance at 47650 - 47850. On the downside Bank Nifty sustaining below 47420 can again 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