Bank Nifty Outlook for 23rd Jan

 

In the previous session:

Bank Nifty went down by 60 points then went up by 482 points before closing higher by 357 points on Saturday

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 20th Jan:

Bank Nifty triggered our long trade and completed just 1 target doing 60 points

For 23rd Jan:

Sustaining above 46325 can move towards 46490 - 46680 - 47190, SL 46140

Sustaining below 45790 can move towards 45625 - 45435 - 44920, SL 45975

In the Previous Week: 

Bank Nifty initially triggered our weekly long trade sustaining above 48060 and took our stoploss. Post that Bank Nifty triggered our short trade below 47360 and completed all weekly short targets till 46240 and went much beyond it making a low of 45430

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 46125 - 46385 to move towards its initial weekly long targets of 47105 - 47290 

Closing above 47290 Bank Nifty may move towards its last weekly long targets of 47910 - 48590

On the downside:

Bank Nifty has to sustain and close below its weekly support at 45280 - 45020 to move towards its initial weekly short targets of 44300 - 44120

Closing below 44120 Bank Nifty may move towards its last weekly short targets of 43500 - 42810

So far this Bank Nifty has made a high of 46183.70 testing our weekly resistance zone of 46125 - 46385 and closed at 46058.20 .

Now in the coming session Bank Nifty has to break and sustain/close above 46385 to move up further towards 47105 - 47290. On the downside Bank Nifty has to break and sustain/close below 45020 to move towards 44300 - 44120.

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.                              

To receive this post daily in your inbox, kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.

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