Bank Nifty Outlook for 16th Jan

 

In the previous session:

Bank Nifty went up by 538 points before closing higher by 448 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 15th Jan:

Bank Nifty triggered our long trade and almost competed all targets doing 400 points. 

For 16th Jan:

Sustaining above 48290 can move towards 48370 - 48470 - 48720, SL 48200

Sustaining below 48025 can move towards 47945 - 47850 - 47600, SL 48120

In the Previous Week: 

Bank Nifty triggered our weekly short trade sustaining below 47840 and reached its last weekly short targets of 47130 - 46820 with a low of 47010.80 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 47925 - 48060 to move towards its initial weekly long targets of 48430 - 48520 

Closing above 48520 Bank Nifty may move towards its last weekly long targets of 48840 - 49190

On the downside:

Bank Nifty has to sustain and close below its weekly support at 47490 - 47360 to move towards its initial weekly short targets of 46990 - 46900

Closing below 46900 Bank Nifty may move towards its last weekly short targets of 46580 - 46240

So far this week Bank Nifty made a high of 48248.05 and closed at 48158.30 triggering our weekly long trade. The cbsl for the weekly long trade is 47815.

Now in the coming session Bank Nifty sustaining above 48060 can move towards 48430 - 48520. On the downside Bank Nifty has immediate support at 48000 - 47850 and the holding the same it can bounce.

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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