Bank Nifty Outlook for 18th Jan

 

In the previous session:

Bank Nifty went down by 2145 points before closing lower by 2060 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 17th Jan:

Bank Nifty opened below our last short target and did not give a trade

For 18th Jan:

Sustaining above 46330 can move towards 46495 - 46685 - 47190, SL 46150

Sustaining below 45800 can move towards 45635 - 45445 - 44940, SL 45985

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 48305.40 and closed at 48125.10 after triggering our weekly long trade on Monday. The cbsl for the weekly long trade was 47815 which was taken out today with a gap down. Post that Bank Nifty corrected sharply to complete all our weekly short targets till 46240 with a low of 45979.60 and closed at 46064.45

Now in the coming session Bank Nifty sustaining below 45800 can move towards 45450 - 45200. On the upside Bank Nifty sustaining above 46330 has immediate resistance at 46580 - 46690.

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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