Bank Nifty Outlook for 24th Jan

 

In the previous session:

Bank Nifty went up by 522 points then went down by 1172 points before closing lower by 1043 points on Tuesday

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 23rd Jan:

Bank Nifty opened near our 1st long target and missed our 2nd target and reversed to take our stoploss. Post that Bank Nifty triggered our short trade and completed all targets doing 870 points and exceed it by a further 35 points

For 24th Jan:

Sustaining above 45295 can move towards 45470 - 45670 - 46200, SL 45100

Sustaining below 44735 can move towards 44560 - 44360 - 43830, SL 44930

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 46580.30 momentarily breaking our weekly resistance zone of 46125 - 46385 and reversed sharply and sustained below 45020 to trigger our weekly short trade and closed at 45015.05. The stoploss for the weekly short trade is 45500.

Now in the coming session Bank Nifty sustaining above 45295 has immediate resistance at 45500 - 45600 and has to close above it for a further move. On the downside Bank Nifty sustaining below 45020 and breaking below 44800 can move towards 44300 - 44120.

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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