Bank Nifty Outlook for 12th Jan

 

In the previous session:

Bank Nifty went up by 301 points then went down by 124 points before closing higher by 78 points on Thursday

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 11th Jan:

Bank Nifty initially triggered our long trade with a gap up near our 1st target and competed 2 targets doing 100 points and took our TSL. 

For 12th Jan:

Sustaining above 47565 can move towards 47640 - 47725 - 47960, SL 47475

Sustaining below 47315 can move towards 47240 - 47150 - 46920, SL 47400

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 on Thursday at 47438.55. The trailing cbsl for the weekly short trade is 47505

Now in the coming session Bank Nifty sustaining above 47565 has immediate resistance at 47725 - 47850. On the downside Bank Nifty sustaining below 47310 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